State Farm has stopped accepting homeowner insurance applications in California – Gist It

State Farm has stopped accepting homeowner insurance applications in California

State Farm has ceased accepting homeowner insurance applications in California due to increasing catastrophe risks and rising construction costs.

Driving the decision: The insurance giant cites “historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market” as reasons for the decision.
* The measure took effect on Saturday, covering both personal and business properties.
* State Farm was the leading company offering home insurance in California.

Context: California has faced a years-long issue of insurance companies dropping homeowners due to the growing risk of wildfires.
* California has experienced some of the most destructive wildfire seasons in its history, leading to increasing insurance premiums and stricter eligibility requirements.

Industry impact: American International Group notified the state’s insurance regulator last year that it will exit the homeowners market.
* California officials have tried to mitigate such efforts by temporarily barring insurers from dropping customers in wildfire-affected areas and directing insurance companies to provide discounts.

View original article on NPR

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May 28, 2023

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