State Farm Drops 72,000 California Home Insurance Policies
State Farm, California's largest home insurance company, is discontinuing coverage for 72,000 homes and apartment policies in the state due to inflation, regulatory costs, and increasing catastrophe risks. This decision follows last year's halt on new home insurance applications and a 20% rate increase for existing customers. AllState and other insurers have also paused new policy sales in California, leaving many homeowners to resort to state-run insurance programs with higher premiums.