The decision has massive implications in the insurance industry, which has been bled dry by destructive wildfires and exorbitant construction costs in the Golden State.
in the Golden State. Existing customers won’t be affected by the moratorium, the insurer says, but the cutoff for new applicants began Saturday. State Farm has long been one of California’s largest insurance providers but said in a statement the decision was “necessary” to “improve the company’s financial strength.
” Upwards of 25,000 homes and other structures have been destroyed by California fires since 2018, with thousands more badly damaged. The unrelenting blazes—and their frequency—has put a strain on insurers in the state, which has led the price of premiums to spike. Florida, equally ravaged by hurricanes and flash floods, faces a
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State Farm won’t insure new Calif. customers due to wildfires, high costsState 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.
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State Farm will no longer insure new homes in CA due to wildfire risk, construction costsLike a good neighbor, State Farm actually won't be there for new homes and businesses in California. Starting Saturday, it will not insure them due to high wildfire risk and increased construction costs. Existing State Farm customers won't be affected.
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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.
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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.
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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.'
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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.
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