Posted 3/22/2024, 9:48:00 AM
State Farm Dropping Home Insurance for 72K California Properties Over Wildfire Risks, Rising Costs
- State Farm will not renew home insurance policies for 72,000 houses and apartments in California starting this summer
- Cites rising costs, increasing wildfire risks, and outdated regulations as reasons
- Accounts for just over 2% of State Farm's California policies
- Comes after State Farm stopped issuing new home insurance policies in California last year
- California insurance regulators will look into State Farm's decision and need to be confident it will uphold obligations to customers
