State Farm discontinuing 72,000 home policies in California in latest blow to state insurance market
Headline from The Columbian
SACRAMENTO, Calif. (AP) — State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it
The Columbian's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
SACRAMENTO, Calif. (AP) — State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it
The Illinois-based company, California's largest insurer, cited soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won't renew the policies on 30,000 houses and 42,000 apartments, the Bay Area News Group reported Thursday.
State Farm General Insurance Co. will cut about 72,000 policies in California beginning in July, the latest move by the state’s biggest insurer to cope with growing risks from wildfires and other natural disasters.
State Farm California's largest property/casualty insurer, selling to one in every four homes, has announced that it will not renew some 72,000 policies when they expire. The reason: in State Farm's opinion, those homes are too risky to insure
State Farm, California's largest home insurer, plans to non-renew about 30,000 property insurance policies and 42,000 commercial apartment policies within the state.
State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer, nine months after announcing it wouldn't issue new home policies there.
