State Farm No Longer Selling Homeowners Insurance?!

State Farm made headlines this week when it was announced they would no longer be accepting homeowners insurance applications in the state of California. State Farm is the largest insurance company so this decision will affect a large number of home buyers! A large part of the mortgage process is insurance so in today’s video, I am telling you what happened, why State Farm made this decision, and what you can do!

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Timestamps:
Intro (0:00)
What Is Happening With State Farm? (1:45)
What Can You Do As A Consumer? (8:20)
Questions? (10:10)

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[Greg_Chase]

We tried getting a discount on our 3 vehicles by asking our State Farm insurance agent if we could put our homeowners insurance on with our State Farm auto coverage. They said 'no'

We just dropped State Farm auto insurance. We switched to an insurance broker for new coverage for our 3 cars and homeowners

[haroldnewbill]

Spot on Matt. As you mentioned it's no secret now that its a very difficult market for real estate. We help a lot of people everyday find solutions but fewer companies are out there now. State Farm is not the first to go. My agency has 4 homeowners companies shut down with others cutting back of what they can do. We have plenty left but...proces are up as you said. Auto is similar and right now it does not appear to be on a path to improve. There certainly is more to this and more to come. Thanks for the video!

[fxdnny]

This is concerning. It looks like Allstate is following suit.

[moreeelifee]

ngl i’m worried about my home insurance renewal coming up later this year. i just got my auto renewal & it’s was over a 50% increase. california is becoming terrible.