Firefighters tackle a raging wildfire in a forest . State Farm , one of the largest providers of home insurance in California , has stopped writing new insurance policies in the state because of the high risk of wildfires .

A single wildfire in 2018 destroyed nearly 20,000 buildings and cost the insurance sector a reported US $ 18b .

State Farm ’ s decision will not affect existing policyholders – although many homeowners will be left scrambling to find an alternative when their policy is due for renewal . Stories are already emerging of residents facing a 1,000 %+ increase in their premiums .

14 July 2023