State Farm discontinuing 72,000 home insurance policies in California in latest blow to state market

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.

California’s Biggest Insurer Ending Tens Of Thousands Of Home Policies Amid Regulation, Inflation Crunch

State Farm will not be renewing 72,000 policies in the state as factors like inflation and regulations make operations unsustainable.

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…

California hit by fresh home insurance blow

The state's largest private insurer, State Farm, said it will stop offering policy renewals to homeowners starting this summer.

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 California’s largest insurer is citing soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won’t renew the…