State Farm General on Friday announced that it will stop accepting new homeowners insurance applications in California.
that it will stop accepting new homeowners insurance applications in California, citing "rapidly growing" catastrophe risks like wildfires, "historic increases" in construction costs and a challenging reinsurance market.State Farm said it will stop accepting new business, personal lines property and casualty insurance applications starting Saturday. The new policy will not impact personal auto insurance, according to the release.
The company said it will work with the California Department of Insurance and other policymakers to improve conditions in California, but that State Farm decided to take action to improve its "financial strength.State Farm did not immediately respond to CNBC's request for comment.
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