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

State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it would not issue new home policies in the state

The Illinois-based company, California’s largest insurer, cited soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won’t renew the policies on 30,000 houses and 42,000 apartments, the Bay Area News Group reported Thursday.

    • derf82@lemmy.worldEnglish
      1·
      9 months ago

      I never said it was exactly the same. And San Francisco has its own risks besides fire. And heck, I’d call Paradise a city, too.

      If selling insurance to California was a good business, they wouldn’t leave the market.