State Farm's decision comes less than a year after the state announced new regulations meant to benefit homeowners.
State Farm will no longer sell new homeowner and property insurance policies in California, citing the state’s wildfire risk and construction costs outpacing inflation.
“State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market,” the company said in a statement. “We take seriously our responsibility to manage risk. We recognize the Governor’s administration, legislators, and the California Department of Insurance for their wildfire loss mitigation efforts.
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