State Farm halts new home insurance policies in California over wildfire risk.

State Farm will no longer accept new applications for home and business insurance in California due to historic increases in construction costs, rapidly growing catastrophe exposure, and a challenging reinsurance market. The new guideline took effect on Saturday and includes all business and personal lines property and casualty insurance. However, it will not impact State Farm's personal auto insurance policies. The company's independent contractor agents will continue to serve current customers who already have property and casualty insurance with the company.