The move affects casualty and business property insurance, but not auto insurance.
If state farm is willing to stop writing policies in California, could the same approach happen here; including flood prone Long Island, the outer boros like Queens, Hoboken, NJ and even Bergen County New Jersey?
It's no secret, it's expensive to own a home in California, but a move by the insurance company State Farm just made it even more so for existing homeowners, and it may have shut out some new homebuyers entirely. State Farm has decided it will no longer write new policies for prospective homeowners in California. Rapidly growing catastrophe exposureThis begs the question: If State Farm is willing to stop writing policies in California, could the same approach happen in New York?
Could flood-prone areas like Long Island, the outer boroughs like Queens, and even parts of New Jersey like Hoboken and Bergen County become uninsurable? In Florida, homeowners are struggling to buy coverage too. Most big insurers have exited the state, leaving only smaller, private companies to write new policies. In parts of storm-ravaged eastern Kentucky, flood insurance prices are quadruple what they were just a few years ago.All the news you need to know, every day
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State Farm Stops Accepting Applications for Homeowner Insurance in CaliforniaState Farm Stops Accepting Applications for Homeowner Insurance in California | Compare reporting by latimes orangecountyregister CNBC
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State Farm stops new home insurance sales in California as wildfire risks growState Farm said it would stop selling new insurance policies to homeowners in California, exacerbating troubles for thousands in the wildfire-prone state, who are already feeling the heat with coverage getting costlier or harder to come by.
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'Catastrophe Exposure' Pushes State Farm to Stop Selling Insurance in CaliforniaInflation, construction costs, and rising climate change-related risks prompted the company to leave the state's home and business insurance market.
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State Farm decision to stop issuing homeowners insurance in California may drive up premiumsTuesday marked the first business day since a major California insurance company, State Farm, announced it will no longer issue new homeowners insurance policies anywhere in the state.
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Can California shore up home insurance market after State Farm halts new policies?Wildfires and expensive rebuilding wiped out profits among California home insurers. State Farm isn’t the first insurer to retreat from the state, and may not be the last.
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