State Farm discontinuing 72,000 home policies in California in latest blow to state insurance market
State Farm’s decision to discontinue coverage for 72,000 homes and apartments in California is yet another blow to the already struggling state insurance market. As California’s largest insurer, State Farm cited soaring costs, increased risk of catastrophes like wildfires, and outdated regulations as reasons for not renewing policies on 30,000 houses and 42,000 apartments. This move comes after the company stopped issuing new home policies in the state nine months ago. The impact of this decision is significant, especially for those affected by the sudden loss of coverage.
As someone living in Southern California, where home insurance premiums have been skyrocketing, this news hits close to home.… Continue reading
John Q. Hosedrinker