California Won't Let Homeowners Insurance Companies Raise Rates, so They're Leaving the State Instead

Giving the state control over insurance rates turned pricing into a Byzantine regulatory process. - STEVEN GREENHUT

• Reading insurance trade magazines isn't everyone's idea of a great time, but every Californian should pay attention to the latest news in that arcane world. "State Farm to pull out of 72,000 California insurance policies," blared a Reinsurance News headline. 
• State Farm provides nearly 21 percent of state homeowner policies, so this is big news. Last year, it stopped writing new homeowner policies. Now it's "non-renewing" existing ones and getting out of apartment policies entirely...