State Farm Stops Accepting Applications for Homeowner Insurance in California | Compare reporting by latimes orangecountyregister CNBC
that it would no longer accept homeowner insurance applications in California due to risks such as wildfires, large increases in construction costs, and a difficult reinsurance market.: The policy, which started Saturday, does not impact personal auto insurance, and State Farm will continue to serve customers with existing homeowner insurance policies.
The company says they will work with the California Department of Insurance to make changes and restore its market strength in California.: “We take seriously our responsibility to manage risk,” the company said in a statement posted to its website Friday. “State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure and a challenging reinsurance market...
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