State Farm stops selling home insurance in California. Could other insurers follow suit?

State Farm is no longer accepting applications for homeowners insurance in California, citing wildfire risks and the skyrocketing cost of construction. Leslie Scism, a news editor covering all things insurance-related for the Wall Street Journal, has more.

#news #california #homeinsurance

[WeylandLabs]

Like a good neighbor *State Farm* is there ! - _Except in California_ 😂

[NHLblkgurl]

We just stopped at some cute kid’s corner lemonade stand here in San Francisco. Each cup was $150.00 and she ran a credit check with experian before pouring it.

[NHLblkgurl]

Something is wrong politically if all these companies want to forfeit one of the largest market shares on the planet, and thinking California is no longer worth the headache.

[zezmerelda]

state farm can't make their trillions of $-- too bad so sad. Form a state insurance pool and self insure--- without stockholders, it would work. How do I know? In my state, we used to have such a fund for car insurance. It worked, but was less costly than big co insurance. So, they bought a bunch of our legislators and got a law passed making it illegal for our state to help us. Now, we have the highest car ins rates in the U S. check it out. I live in MI

[freespeech]

I guess they're not a good neighbor like the Cake song says you're never there

[madbug]

California State Farm insured are going to get a big increase in their policies soon. 😭

[shiftymcgee]

It makes business sense. The same would happen to Florida and Louisiana. Hurricanes will only get more frequent and damaging. This makes California even more unattractive for home purchases.

[GeorgeCasimiro]

She literally didn't give any insight. She just repeated the question as an answer 🫥

[AKDrummer]

I love when it happens to California and so it makes major news… Floridians haven’t had good homeowners insurance for a decade now. This is the trend across all states. California isn’t special folks and insurance companies have the right to try to be profitable. Welcome to the no Insurance club Californians.

[wallykimball]

So if they drop people who have been paying premiums for years do they owe those people money? Seems like they could be sued for it if they're just going to not renew policies of people who have been putting money in for years.

[keithnewton]

The lies they tell it’s time to pray for your sin

[benderisgreatable]

Capitalism has officially recognized the climate crisis on a fiscal level. Buckle up, boiz.