State Farm Ceases Home Insurance Sales in California Over Wildfire Risks

State Farm has stopped accepting new home insurance sales in California due to the state's wildfire risks and rising construction costs. The decision does not affect existing auto insurance policies. California has seen an average of over 7,000 wildfires each year, consuming over 2 million acres, over the past five years. State Farm is the largest provider of auto and home insurance in the US and will work with the California Department of Insurance and lawmakers to build up market capacity in the state.