State Farm drops California home insurance coverage.

State Farm, the largest car and home insurer in the US, has announced that it will no longer sell new home insurance policies in California due to the high risk of catastrophic wildfires and rapidly rising inflation costs. Existing policyholders will not be affected, and the company will continue to sell car insurance in the state. The decision was made to improve the company's financial strength, and State Farm will continue to evaluate its approach based on changing market conditions.