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.
State Farm to stop offering new home insurance policies in California due to"growing catastrophe exposure"
State Farm's independent contractor agents will continue to serve current customers who already have property and casualty insurance with the company, meaning they can still make claims for property that is already covered by the company. The company has also not issued any non-renewals at this time.at least 7,396 wildfires, which burned nearly 2.6 million acres of land, according to the California Department of Forestry and Fire Protection.
The company said it will continue to work with CDI and evaluate the market over time, indicating that this new policy could change depending on the economy. "It's necessary to take these actions now to improve the company's financial strength," the statement said."We will continue to evaluate our approach based on changing market conditions."
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