State Farm, California's largest insurer, will no longer provide coverage for 72,000 houses and apartments in the state due to rising costs, increased risk of catastrophes, and outdated regulations.
State Farm , California 's largest insurer, will discontinue coverage for 72,000 houses and apartments in the state due to soaring costs, increasing risk of catastrophes, and outdated regulations. The decision comes nine months after the company announced it would not issue new home policies in California .
State Farm cited financial health concerns, inflation, catastrophe exposure, reinsurance costs, and limitations of working within old insurance regulations as reasons for the discontinuation.
State Farm California Insurer Coverage Houses Apartments Discontinuation Costs Catastrophes Regulations
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