Thousands of homeowners in upscale neighborhoods in Los Angeles, including Bel-Air, Pacific Palisades, and Woodland Hills, will lose their home insurance coverage as State Farm pulls back on 72,000 property policies in California amid a larger home insurance crisis.
State Farm's President, Denise Hardin, cited financial challenges and the need to align exposure with capital as reasons for the decision to drop policies, stating the importance of avoiding a financial failure that could negatively impact the market.
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