State Farm Insurance has announced it will no longer offer new home insurance policies in California due to rising wildfire risks and construction costs. Major wildfires in California, and losses in the billions of dollars, have led some big insurance companies to stop writing homeowners policies for households that are considered at high risk of fire. Robert Galbraith via ReutersState Farm is one of the state’s largest insurance companies, having written more homeowner insurance premiums for California residents in 2022 than any other company, according to the Insurance Information Institute. The state’s largest, the August Complex Fire, was in 2020 and consumed 1 million acres of land. Allstate Insurance in 2007 similarly announced that it would stop selling new home insurance policies in California, and it would increase the price for its remaining customers, due to wildfires and fires caused by earthquakes.

Source: Huffington Post May 29, 2023 12:04 UTC