State Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.A big announcement was made this past holiday weekend from one of the country's biggest insurance companies. State Farm said, effective Saturday, it will no longer insure new homes or businesses in California due to high"The fact they want to pick and choose who they cover, it doesn't seem the way it should be," said Lisa Frazee.
Lisa Frazee knows the slogan, "Like a good neighbor, State Farm is there," but she wonders how true that is, after the company announced it will no longer insure new homes and properties in California due to wildfire risk and rebuilding costs. Existing State Farm customers, like Frazee, will not be affected. She and her family have spent the last years rebuilding the Santa Rosa home they lost in the 2017 Tubbs Fire. The house is now complete. But Frazee worries about others moving to the area, looking to insure their homes or businesses.
California has experienced record wildfires in the past six years. State Farm is the second insurance company to stop offering coverage due to wildfires. Last year, AIG notified thousands of Californians their policies would not be renewed. With State Farm no longer accepting new customers, the real question is where people can go for insurance in high fire risk areas.
"It's a basic policy, only covers fire - you have to get a wraparound policy too to cover theft and liability," said Ruiz.As for Frazee, she's happy to have insurance for her new fire-resistant home.Related Topics
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