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Insurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer State Farm discontinuing 72,000 home policies in California in latest blow to state insurance marketThe Associated PressSACRAMENTO, Calif. SACRAMENTO, Calif. (AP)

The announcement this week comes nine months after the Illinois-based company said it would not issue new home policies in the state.

Insurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer. The announcement this week comes nine months after the Illinois-based company

State Farm announced this week it will not renew 72,000 policies in California amid a tight insurance market.

Insurance giant State Farm says it will discontinue coverage for 72,000 houses and apartments in California starting this summer.

The announcement comes after the company raised homeowner insurance rates by 20%.

The Illinois-based company cited soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won’t renew the policies.

Insurance companies deride him. The state insurance commissioner calls him out. But Harvey Rosenfield and his organization, Consumer Watchdog, have saved Californians lots of money.

Allstate wants to raise the average price of its home insurance policies by almost 40% for its California customers.

As the FAIR Plan writes more fire-insurance policies, homeowners complain about poor service, rising costs and threats of getting kicked off.