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State Farm discontinuing 72,000 home policies in California in latest blow to state insurance market

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Insurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer. The announcement this week comes nine months after the Illinois-based company said it would not issue new home policies in the state.

FILE - Homes leveled by the Camp Fire line a development on Edgewood Lane in Paradise, Calif., on Nov. 12, 2018. State Farm will discontinue coverage for 72,000 houses and apartments in California starting summer 2024, the insurance giant said.

“State Farm General takes seriously our responsibility to maintain adequate claims-paying capacity for our customers and to comply with applicable financial solvency laws,” it continued. “It is necessary to take these actions now.”

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