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State Farm Halts New Homeowner Insurance In California Due To Wildfires

Posted on AllSides May 29th, 2023
From The Left
Robert Galbraith via Reuters

State Farm Insurance has announced it will no longer offer new home insurance policies in California due to rising wildfire risks and construction costs.

The insurance company blamed its decision, which took immediate effect Saturday, on “historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market.”

The change was necessary, it said, “to improve the company’s financial strength.”

Those already with homeowners insurance policies won’t be affected. The decision does not impact personal auto insurance.

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