State Farm announced it would stop accepting certain insurance applications in California citing 'cost-related reasons' as inflation continues to run rampant.
, citing"historic" increases in construction costs and inflation," the company said 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," the company said in a release."The Department of Insurance is focused on the safety of our homes and communities."said actions are necessary to improve its financial strength. State Farm agents in California will continue to serve existing customers, it said.
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State Farm ceasing new applications in California for property insurance due to ‘historic’ construction costsThe insurance giant cited ‘historic’ construction costs increases and inflation.
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State Farm will no longer insure homes, businesses in California due to fire risks and costsState Farm announced Friday that it will not take new applications for personal line or business property and casualty insurance in the state of California.
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