State Farm is planning not to renew nearly 72-thousand policies starting this summer. Last year, the company said it would not accept new applications for property and business policies, citing construction costs, risk from wildfires and other challenges.
They also mention outdated insurance regulations in the Golden State, which are currently under revision. The non-renewals reportedly affect 30-thousand homeowners, renters, residential associations and business owners. Another nearly 42-thousand will affect commercial apartment policies. People impacted by the changes will be notified.