US EditionState Farm discontinuing 72,000 home insurance policies in California in latest blow to state market
- State Farm will stop coverage for 72,000 houses and apartments in California due to rising costs and increased catastrophe risks.
- The decision affects 30,000 houses and 42,000 apartments in the state.
- State Farm cites outdated regulations as another reason for not renewing policies.
49 Articles
49 Articles
State Farm Cuts 72,000 California Policies, Citing Wildfire Risk
State Farm General Insurance Co. will cut about 72,000 policies in California beginning in July, the latest move by the state’s biggest insurer to cope with growing risks from wildfires and other natural disasters.
State Farm to Drop 72,000 Home Policies in California After Pausing Sales Last Year
With the state facing what some are calling an insurance availability crisis, industry leader State Farm announced March 20 that it will not renew about 72,000 policies across California. “State Farm General Insurance Company … is working to ensure its long-term sustainability in California,” the company said in a press release announcing the plan. “In doing so, [the company] has had to make some difficult but necessary decisions that will impac…
Associated Press News
State Farm discontinuing 72,000 home policies in California in latest blow to state insurance market
SACRAMENTO, Calif. — State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it would
State Farm discontinuing 72,000 home policies in California in latest blow to state insurance market
SACRAMENTO, Calif. (AP) — Insurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer. The announcement this week comes nine months after the Illinois-based company said it would not issue new home policies in the state. California’s largest insurer is citing soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won’t renew the…
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