Agents gauge State Farm’s exit from home insurance market - The Real Deal

State Farm, the largest home insurer in the United States, has reportedly withdrawn its home insurance product in four states, with a possible plan to exit the entire home insurance market. According to National Underwriter, the company recently held a conference call with its agents to share its vision for the future. During the call, State Farm mentioned it will no longer introduce new policies and will non-renew existing policies in Maine, Massachusetts, and Rhode Island, and will stop writing new policies and non-renewing existing ones in Nevada. State Farm, which has been in the home insurance business for almost 70 years, is known for offering quality coverage and good customer service. However, the company has experienced a decline in profits from its home insurance business. The Real Deal reported that State Farm’s move can be attributed to its desire to focus on products like auto insurance. Meanwhile, this exit will potentially open up more opportunities for smaller insurers to fill the void in the market. This news is crucial for anyone who owns a home in one of the affected states and could mean significant changes in the home insurance market. It will be interesting to see how this exit plays out and what impact it has on other major players in the industry.