State Farm Won’t Renew Coverage for 72,000 Homeowners in California from bangla seriously Watch Video

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✓ Published: 26-Mar-2024

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State Farm Won’t Renew Coverage , for 72,000 Homeowners in California.<br/>The news comes nine months after the insurance giant announced that it wouldn't issue any new home policies in California.<br/>The news comes nine months after the insurance giant announced that it wouldn't issue any new home policies in California.<br/>State Farm cited rising costs, the heightened risk of wildfires and certain regulations as reasons for not renewing the 72,000 policies, CBS News reports..<br/>State Farm cited rising costs, the heightened risk of wildfires and certain regulations as reasons for not renewing the 72,000 policies, CBS News reports..<br/>This decision was not made lightly <br/>and only after careful analysis of <br/>State Farm General's financial health... , State Farm, via statement.<br/>... which continues to be impacted <br/>by inflation, catastrophe exposure, <br/>reinsurance costs, and the limitations <br/>of working within decades-old <br/>insurance regulations, State Farm, via statement.<br/>State Farm General takes seriously our <br/>responsibility to maintain adequate <br/>claims-paying capacity for our <br/>customers and to comply with <br/>applicable financial solvency laws, State Farm, via statement.<br/>It is necessary to take <br/>these actions now, State Farm, via statement.<br/>However, both the insurance company and <br/>the California Department of Insurance <br/>will have to answer to regulators.<br/>One of our roles as the insurance <br/>regulator is to hold insurance <br/>companies accountable for <br/>their words and deeds, Michael Soller, Deputy Commissioner of the <br/>Communications and Press Relations Branch, via CBS News.<br/>We need to be confident in <br/>State Farm's strategy moving <br/>forward to live up to its obligations <br/>to its California customers, Michael Soller, Deputy Commissioner of the <br/>Communications and Press Relations Branch, via CBS News.<br/>State Farm did not disclose the locations of the discontinued policies or the criteria it used for determining which policies wouldn't be renewed.<br/>It is not yet clear if an <br/>investigation will be launched