Thanks California. State Farm no longer writing new property insurance.

Thanks California. State Farm no longer writing new property insurance. The  rising construction costs and its “rapidly growing catastrophe exposure.”

 State Farm holds the largest share of property and casualty insurance policies in the U.S. and controls about 8.3% of California’s market, writing at least $7 billion in premiums, according to 2021 data compiled by the state.

The cost of doing business there is just to great. Instead of fixing it, the state blames climate change.