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The decision was announced in March, claiming it would cancel 72,000 property policies in California, 30,000 of which were home insurance policies, thereported. The cancellations went into effect over the summer. Around 1,600 homes in Pacific Palisades were victims of State Farm’s policy
Last year, State Farm canceled 1,600 policies in Pacific Palisades because the state would not allow them to raise premiums enough to cover their exposure. The affected homeowners would then likely have to rely on the state-run FAIR Plan, an expensive last-resort insurance…, explaining the need to reduce the company’s “overall exposure.” She explained that the company had endured “large underwriting losses.
She then elaborated on State Farm’s financial challenges in the state by highlighting other expenses, such as “construction cost inflation,” and emphasizing that the company’s financial strength was much weaker than in 2016. She then explained that State Farm was reluctant to take such a drastic measure. Still, she viewed it as necessary for the company’s finances and hoped that doing so would help minimize the impact of such vital decisions by the company.
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