State Farm halts new home insurance policies in California

How bad have things gotten in California? If you are somehow doing well enough to be able to afford to buy a new home there, you may not be able to get homeowner’s insurance. Or at least not from State Farm. The insurance giant announced yesterday that it will not be offering new homeowner insurance policies in the state, though they will continue to honor existing policies. The company is citing a variety of reasons including “catastrophic events” and skyrocketing construction costs. But I’m confident that we can all read between the lines and figure out that there is more to the story than that. (CBS News)Read More