State Farm stops accepting home insurance applications in California: 'Difficult place to do business'

, citing"historic" increases in construction costs and inflation," the company said Friday.

"State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market," the company said in a release."The Department of Insurance is focused on the safety of our homes and communities."said actions are necessary to improve its financial strength. State Farm agents in California will continue to serve existing customers, it said.

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State Farm will no longer insure new homes in California, company saysState Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
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