State Farm has stopped accepting homeowner insurance applications in California, where it had been a leading home insurance provider, due to the increased risk of catastrophes like wildfires and high construction costs.
Trouble from insurers is cropping up in parts of California, like throughout the Sierra Nevada region, according to Ryan Tompkins, a forester and natural resources adviser with the University of California.“Many of our communities in rural, forested areas of California are experiencing not only increasing wildfire and increasing wildfire severity, but also increasing insurance problems,” Tompkins said. “They’re getting dropped. They’re getting non-renewed.
Increasing construction costs nationwide compound the climate crisis-related risk for insurers, said Janet Ruiz, communications director with the Insurance Information Institute, a nonprofit organization that provides information on the insurance industry.“Reinsurance is also getting more expensive due to the amount of losses, not just in California, but also in other states” that experience tornadoes, hurricanes and other disasters, she said.
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 to stop accepting homeowners insurance applications in California due to wildfires, construction costsState Farm General on Friday announced that it will stop accepting new homeowners insurance applications in California.
Read more »
State Farm ceasing new applications in California for property insurance, other policiesThe State Farm General Insurance Company will no longer accept new applications for property insurance and other policies in California, citing 'historic' increases in construction costs and inflation, the company said Friday.
Read more »
State Farm stops offering home, property insurance in CaliforniaState Farm announced it will no longer accept new applications for home and property insurance in California effective Saturday, May 27.
Read more »
State Farm will no longer issue property insurance in CaliforniaState Farm's decision comes less than a year after the state announced new regulations meant to benefit homeowners.
Read more »
State Farm is no longer accepting property insurance applications in CaliforniaThe company blames 'increases in construction costs outpacing inflation, rapidly growing catastrophe exposure and a challenging reinsurance market.'
Read more »
State Farm to stop offering new home insurance policies in California due to 'growing catastrophe exposure'State Farm said it will no longer accept new applications for home and business insurance in California because of an increase in catastrophic events and construction costs, the company announced Friday.
Read more »