State Farm Insurance to non-renew 72,000 policies in California

State Farm Insurance is dropping thousands of California policies beginning this summer, nearly a year after announcing it would no longer accept homeowner insurance applications in the Golden State. In a statement Wednesday, California's largest home insurer said it would not renew about 30,000 homeowner, rental and other property insurance policies beginning July 3. Additionally, approximately 42,000 commercial apartment policies will not be renewed starting Aug. 20.

"RELATED: State Farm stops offering home, property insurance in California"This decision was not made lightly and only after careful analysis of State Farm General’s financial health, which continues to be impacted by inflation, catastrophe exposure, reinsurance costs and the limitations of working within decades-old insurance regulations," the company said.

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