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"State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposu
by tpmx 3y ago
"State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market."
https://newsroom.statefarm.com/state-farm-general-insurance-company-california-new-business-update/ https://newsroom.statefarm.com/state-farm-general-insurance-...
Seems like a solid reason to me.
- ratmice 3y agoI guess though I'm kind of curious why they don't just raise their rates to the account for the actual cost of insuring there? I assume probably some regulation or volatility...
- profile53 3y agoIIRC California prohibits raising rates by more than 5.9 percent per year.
- photonbeam 3y agoSo do they leave for a year then come back at new rates?