Faced with widening losses in recent years, State Farm Insurance Cos., Bloomington, Ill., has placed a moratorium on writing new homeowners insurance policies in Arizona and California.The move will have no impact on current homeowners policyholders, who can continue to renew their policies, according to a company spokesperson.
State Farm is the largest underwriter of homeowners policies in both states, serving one in five California homeowners and one in four homeowners in Arizona.
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