State Farm Non-Renewing 30K Home, 42K Apartment Policies in California, Citing Sustainability Challenges

• State Farm to non-renew 30,000 property policies and 42,000 commercial apartment policies in California, impacting 2% of its total policies in the state

• Move made to ensure "long-term sustainability" given factors like inflation, catastrophe exposure, reinsurance costs

• 42,000 commercial apartment non-renewals represent complete withdrawal from that market segment

• Customers impacted will receive notices between July 3 and August 20

• State Farm continues working with state policymakers on reforms to "better align" insurance rates with risk