Insurance Report

State Farm to Discontinue Coverage for 72,000 California Home Insurance Policies

  • 📰 FoxBusiness
  • ⏱ Reading Time:
  • 6 sec. here
  • 12 min. at publisher
  • 📊 Quality Score:
  • News: 41%
  • Publisher: 53%

Insurance News

California,Insurance,State Farm

California's insurance commissioner Ricardo Lara spoke out after the state's largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer. State Farm announced on March 20 that it would cut 72,000 home and apartment policies in California because of inflation, regulatory costs and increasing risks from catastrophes. The decision is a blow to California property owners, who already suffer under high insurance rates or scarce policy coverage. Commissioner Lara expressed concern and plans to investigate State Farm's finances, while also warning against excessive regulation that could drive companies out of California.

California's insurance commissioner Ricardo Lara expressed concern after State Farm, the state's largest home insurance provider, announced that it would cancel coverage for 72,000 policies. The decision was attributed to inflation, regulatory costs, and increasing risks from catastrophes. Commissioner Lara acknowledged the crisis and expressed his intention to investigate State Farm's finances.

However, he also cautioned against excessive regulation that could drive companies out of California

 

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:

 /  🏆 458. in İNSURANCE

İnsurance İnsurance Latest News, İnsurance İnsurance Headlines

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

State Farm discontinuing 72,000 home insurance policies in California in latest blow to state marketInsurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer
Source: sdut - 🏆 5. / 95 Read more »

State Farm discontinuing 72,000 home policies in California in latest blow to state insurance marketInsurance 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.
Source: AP - 🏆 728. / 51 Read more »

State Farm discontinuing 72,000 home policies in California in latest blow to state insurance marketInsurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer.
Source: ksatnews - 🏆 442. / 53 Read more »

State Farm discontinuing 72,000 home policies in California in latest blow to state insurance marketInsurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer.
Source: wjxt4 - 🏆 246. / 63 Read more »

State Farm discontinuing 72,000 home policies in California in latest blow to state insurance marketInsurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer.
Source: 10News - 🏆 732. / 50 Read more »

State Farm won’t renew 72,000 insurance policies in California, worsening the state's insurance crisisState Farm announced this week it will not renew 72,000 policies in California amid a tight insurance market.
Source: latimes - 🏆 11. / 82 Read more »