State Farm's decision will impact both business and personal policy applications for property and casualty insurance, though existing State Farm customers with homeowners policies will be able to keep their coverage and continue to file claims. The nonprofit news source Cal Matters reported that 772 structures in California were destroyed by fire in 2022 - and that was considered an abnormally mild year. According to CNN, California has experienced more than 7,000 wildfires per year on average over the last five years.
State Farm cited both high construction costs in the state and the increasing risk of wildfires as the reasons behind its decision. Allstate stopped offering new policies last year. State Farm, one of the country's largest insurance providers, announced that it will no longer accept applications for home insurance coverage in California.
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