State Farm Halts New Home Insurance Sales in California Due to Wildfire Risk

State Farm has stopped accepting applications for homeowner insurance in California due to the destructive wildfires and exorbitant construction costs in the state. Existing customers won’t be affected by the moratorium, but the cutoff for new applicants began Saturday. The decision has massive implications in the insurance industry, which has been bled dry by the unrelenting blazes and their frequency, leading to a spike in the price of premiums.