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Posted by: thepinetree on 05/30/2023 10:11 AM Updated by: thepinetree on 05/30/2023 10:11 AM
Expires: 01/01/2028 12:00 AM
:

State Farm Stops Writing All New Insurance Policies Except Auto in California

Bloomington, IL...State Farm General Insurance Company®, State Farm’s provider of homeowners insurance in California, will cease accepting new applications including all business and personal lines property and casualty insurance, effective May 27, 2023. This decision does not impact personal auto insurance. 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.




We take seriously our responsibility to manage risk. We recognize the Governor’s administration, legislators, and the California Department of Insurance (CDI) for their wildfire loss mitigation efforts. We pledge to work constructively with the CDI and policymakers to help build market capacity in California. However, it’s necessary to take these actions now to improve the company’s financial strength. We will continue to evaluate our approach based on changing market conditions. State Farm® independent contractor agents licensed and authorized in California will continue to serve existing customers for these products and new customers for products not impacted by this decision.







About State Farm®:



For 100 years, the mission of State Farm has been and continues to be to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and approximately 61,764 employees serve over 91 million policies and accounts – which includes auto, fire, lifehealth, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for rentersbusiness ownersboats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 42 on the 2022 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com. ​







Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
Fire insurance
Posted on: 2023-05-30 10:27:19   By: Anonymous
 
I appreciate that State Farm hasn't canceled my current Fire Insurance policy. Some of my friends haven't been so lucky.

[Reply ]

    Re: Fire insurance
    Posted on: 2023-05-30 10:35:38   By: Anonymous
     
    This creates some interesting opportunities for other companies that aren't encumbered by 100 years of decision-making and expectations. Like when Tesla emerged to crush the legacy automakers until they gave in.

    [Reply ]

    Re: Fire insurance
    Posted on: 2023-05-30 10:41:54   By: Anonymous
     
    Allstate is cancelling my home insurance, their reasons are impossible to comply with. This is by design. My home is surrounded by irrigated lawn, I have 7500 gals of water for pumping. I have the required clearances, and are well mowed, trimmed to the ground. The Butte fire didn't come anywhere near my home, it did burn around it.
    The only carriers now for us in the large 9 fire protection area is the State Fair Plan.
    This is like Cobra medical insurance, and is not affordable.



    [Reply ]

      Re: Fire insurance
      Posted on: 2023-05-30 14:56:35   By: Anonymous
       
      Here's a great opportunity to move to Florida. :)

      [Reply ]

        Re: Fire insurance
        Posted on: 2023-05-30 16:04:32   By: Anonymous
         
        Yes, they famously do not have any natural disasters to worry about

        [Reply ]

Just the Beginning!
Posted on: 2023-05-30 11:52:14   By: Anonymous
 
This is the beginning of a phase out for State Farm in CA. Those who have existing homeowner policies will undoubtedly be required to jump through numerous hoops in order to get renewed - and/or the premiums will skyrocket - all in an effort for the homeowners to cancel their policies with State Farm. State Farm does NOT want to have any policies in CA. Requiring clear cutting of properties may be another way for them to get policy holders to cancel their policies. Now that State Farm has done this others will follow. It is time California set up its own true insurance company - not Cal Fair which is a last resort insurance coverage. This is serious, especially for rural homeowners and will result in many leaving the state.

[Reply ]

    Re: Just the Beginning!
    Posted on: 2023-05-30 14:34:18   By: Anonymous
     
    Like a good neighbor 🎶 State Farm is there... 🎵

    [Reply ]

    Re: Just the Beginning!
    Posted on: 2023-05-30 14:36:37   By: Anonymous
     
    Hahahahahahahaha Calif start their own insurance??? California? The Worst financially run state in the NATION??? Hahahahahahahaha

    [Reply ]

      Re: Just the Beginning!
      Posted on: 2023-05-30 15:16:32   By: Anonymous
       
      They have Cal Fair but that is not adequate.

      [Reply ]

        Re: Just the Beginning!
        Posted on: 2023-05-31 00:09:01   By: Anonymous
         
        What fair are you talking about?

        [Reply ]

          Re: Just the Beginning!
          Posted on: 2023-05-31 07:47:08   By: Anonymous
           
          Dan Pinnell Calaveras County Fair

          [Reply ]


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