FOX 2: State Farm Won’t Renew 72,000 Home and Apartment Policies in Calif. Because of Inflation, Regulatory Costs

EXCERPT:

VACAR (voice-over): “From the air, the fourplex in Hayward that Alexander Lee’s family owns has been insured by State Farm for almost four decades, no claims. This week, State Farm called him with a shocker. His policy will not be renewed.”

Lee: “I said, ‘Oh man, it upsets me because I’ve been with you guys 38 years, no claims. Am I the only one? Am I the only apartment or is there going to be more apartments?’ He said, ‘Oh, it’s gonna be California-wide.’ I said, ‘Really? California-wide?’”

VACAR (voice-over): “Harvey Rosenfield, founder of Consumer Watchdog and author of ‘Insurance Proposition 103,’ says State Farm’s last big rate increase came just last week.”

ROSENFIELD: “That rate increase was approved assuming that they sell insurance policies to people who need it in the state, and now they’re canceling more people.”