{"id":702,"date":"2023-05-27T19:57:18","date_gmt":"2023-05-28T03:57:18","guid":{"rendered":"http:\/\/www.inedc.com\/23\/?p=702"},"modified":"2023-05-27T19:57:18","modified_gmt":"2023-05-28T03:57:18","slug":"state-farm-no-longer-offering-home-insurance-in-california","status":"publish","type":"post","link":"http:\/\/www.inedc.com\/23\/news\/state-farm-no-longer-offering-home-insurance-in-california\/","title":{"rendered":"State Farm No Longer Offering Home Insurance in California"},"content":{"rendered":"
BY JULIA SHAPERO, <\/a>05\/27\/23 11:04 PM ET<\/pre>\n
State Farm will no longer offer home and property insurance to new customers in California starting Saturday, the company said in a\u00a0press release<\/a>.<\/p>\n
The insurance company pointed to \u201chistoric increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market\u201d for its decision, making particular note of the risk posed by the state\u2019s frequent wildfires.<\/p>\n
\u201cWe take seriously our responsibility to manage risk,\u201d State Farm said. \u201cWe recognize the Governor\u2019s administration, legislators, and the California Department of Insurance (CDI) for their wildfire loss mitigation efforts.<\/p>\n
\u201cHowever, it\u2019s necessary to take these actions now to improve the company\u2019s financial strength,\u201d it added.<\/p>\n
State Farm said that it will continue to serve existing customers in the state and that personal auto insurance would not be impacted.<\/p>\n
There were 7,490 wildfires in California in 2022 that burned more than 360,000 acres, which Cal Fire described as a \u201cquiet year.\u201d<\/p>\n
The year prior, wildfires burned more than 2.5 million acres in the state.<\/p>\n
Copyright 2023 Nexstar Media Inc. All rights reserved.<\/pre>\n
 <\/p>\n","protected":false},"excerpt":{"rendered":"
State Farm will no longer offer home and property insurance to new customers in California starting Saturday<\/p>\n","protected":false},"author":1,"featured_media":703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"The Hill","source_url":"https:\/\/thehill.com\/business\/4023994-state-farm-no-longer-offering-home-insurance-in-california\/","via_name":"","via_url":"","override_template":"0","override":[{"template":"7","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"no-sidebar-narrow","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"float","share_float_style":"share-normal","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"1","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[3],"tags":[36],"yoast_head":"\nState Farm No Longer Offering Home Insurance in California - 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