State Farm to Drop 72,000 Home Policies in California After Pausing Sales Last Year

State Farm, the state’s leader in the industry, announced on March 20 that it will not maintain around 72, 000 policies across California because it is currently facing what some claim is an insurance availability crisis.
State Farm General Insurance Company stated in a media release that the company was working to maintain its long-term conservation in California. ” In doing so ,]the company ] has had to make some difficult but necessary decisions that will impact a portion of our California policyholders”.
About 30, 000 homes, rental units, and other residences may be impacted along with about 42, 000 industrial residence policies. The underwriter stated that it is completely reversing from the latter. The overall effect represents about 2 percent of the bank’s business in California, according to the media launch….

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