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

  • 📰 FoxNews
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 87%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

State Farm announced it would stop accepting certain insurance applications in California citing 'cost-related reasons' as inflation continues to run rampant.

, 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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

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

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.
Source: ABC7 - 🏆 67. / 68 Read more »