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New York (CNN) — State Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs, the company announced Friday.
State Farm stopped accepting applications for all business and personal lines property and casualty insurance in California on May 27.
State Farm, the nation's biggest car and home insurer by premium volume, has said that from Saturday it will no longer insure any homes in California, due to wildfire risk and rebuilding costs.
Https://youtu.be/EO0b964wooo Florida, Louisiana, Texas, California - Climate-driven Insurance squeeze spreading across America.Insurance companies have been on the leading edge of climate concerns since the 70s. Fun fact: I called in, and got thru, to Rush Limbaugh back around 1998 or so, and told him about those concerns, and that the clash between Insurers and oil…
The company blames 'increases in construction costs outpacing inflation, rapidly growing catastrophe exposure and a challenging reinsurance market.'