State Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs, the company announced Friday.
State Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs, the companyThe insurance giant stopped accepting applications for all business and personal lines property and casualty insurance in California on May 27. However, State Farm's decision does not affect existing auto insurance.
California has seen an average of more than 7,000 wildfires each year, consuming an average of over 2 million acres, over the past five years, according to data from the governor's office. Scientists and California authorities blame the climate crisis for the intensity of the fire seasons.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
State Farm Halts Home-Insurance Sales in CaliforniaThe move by one of California’s biggest insurers is a blow to the state’s efforts for years to maintain a vibrant market for homeowners in the wildfire-prone state.
Read more »
State Farm halts new property insurance policies in CaliforniaThe company cited rising construction costs and its “rapidly growing catastrophe exposure.”
Read more »
State Farm ceasing new applications in California for property insurance due to ‘historic’ construction costsThe insurance giant cited ‘historic’ construction costs increases and inflation.
Read more »
State Farm will no longer insure new homes in California, company saysState Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
Read more »
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.
Read more »
State Farm will no longer insure new homes in California, company saysThe new policy began on Saturday.
Read more »