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| -Land of the Free |
| State Farm halts new home insurance policies in California |
| 2023-05-29 |
| How bad have things gotten in California? If you are somehow doing well enough to be able to afford to buy a new home there, you may not be able to get homeowner’s insurance. Or at least not from State Farm. The insurance giant announced yesterday that it will not be offering new homeowner insurance policies in the state, though they will continue to honor existing policies. The company is citing a variety of reasons including "catastrophic events" and skyrocketing construction costs. But I’m confident that we can all read between the lines and figure out that there is more to the story than that. (CBS News) Where is the Good Neighbor? State Farm said it will no longer accept new applications for home and business insurance in California because of an increase in catastrophic events and construction costs, the company announced Friday. "State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market," the insurance company said in a statement. The new guideline took effect Saturday and includes all business and personal lines property and casualty insurance. More at the link. |
| Posted by:Deacon Blues |