State Farm pulls out of California, citing wildfires and skyrocketing construction costs -

SAN DIEGO – State Farm will no longer insure new homes in California, the company announced last week, citing wildfire risks and skyrocketing construction costs.

The insurance provider stopped accepting home-insurance applications as of Saturday, also halting business policy applications.State Farm says it acknowledges the changes California is making to avoid wildfires, but added the company will focus its business elsewhere. Professor of Finance at USD Dan Roccato joined KUSI’s Hunter Sowards to discuss the company’s decision.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

State Farm Is Done Insuring Homes for New Customers in CaliforniaThe decision has massive implications in the insurance industry, which has been bled dry by destructive wildfires and exorbitant construction costs in the Golden State.
Source: thedailybeast - 🏆 307. / 63 Read more »

State Farm not insuring new homes and businesses in CaliforniaState Farm General Insurance Company is no longer accepting new applications for homeowners insurance policies in California, citing rising construction costs and growing risk of catastrophic wildfires.
Source: KTVU - 🏆 465. / 53 Read more »

State Farm cuts new home insurance in California, citing wildfire riskInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »