Allstate no longer offering new policies in California

SACRAMENTO, Calif. (CNN) – Another major insurer has stopped issuing new property insurance policies in California.

Allstate is no longer selling new home, condominium or commercial insurance policies in the state.

The company says the reasons are more expensive building costs and worsening climate conditions.

Allstate is the state’s fourth-largest property and casualty insurance provider.

The company’s move follows a similar decision by California’s largest homeowner insurance provider last week.

State Farm announced it would no longer issue new home insurance or business policies in the state. It cited similar reasons and also mentioned wildfires.

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