State Farm will no longer provide home insurance to new California customers, the company announced on Friday, citing “historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market.”
This month Californians worried about the cost of housing were offered the rarest of gifts: a glimmer of hope. New numbers released by the Newsom administration show that California added homes to its housing stock at a faster clip than any time since the Great Recession — 123,350 additional units, or an increase of 0.85%.