Saturday, May 27, 2023 4:10PM
State Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
The new policy began on Saturday.
State Farm says existing customers will not be affected.
The company will continue offering auto insurance in the state.
State Farm is the second insurance carrier to stop insuring California homes.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.