State Farm General Insurance Company is no longer accepting new applications for homeowners insurance policies in California, citing rising construction costs and growing risk of catastrophic wildfires.
, citing rising construction costs and growing risk of catastrophic wildfires.
State Farm said it must manage risk based on historic increases in construction costs outpacing inflation, and the increase in widespread, destructive fires. "I was pretty shocked for a couple reasons," she said. "One, my actual, personal home is insured by them [State Farm] and two, it’s who I refer all my clients to. Now we have to just be proactive and figure out the numbers to make sure it makes sense to move forward."
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