State Farm will no longer offer new home insurance policies in California over wildfire concerns
on average for the past five years, CNN reported. The devastating blazes have destroyed thousands of homes.
In the event of a loss, providers covering property could be required to cover emergency food and shelter, personal property and valuables, the removal of debris, damage to the property, and more, per"Insurance companies prioritize their short-term financial goals, the long-term goal of the Department of Insurance is protecting consumers," California Department of Insurance spokesperson Michael Soller told CNN.
Soller continued:"It's important to note that current State Farm customers are not affected, and no non-renewals are being issued as a result of this announcement." "We pledge to work constructively with the CDI and policymakers to help build market capacity in California," Friday's statement from State Farm said."However, it's necessary to take these actions now to improve the company's financial strength.
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