Insurance giant halts sale of new home policies in California due to wildfires

State Farm also cites inflation of construction costs in statement which comes after increasing wildfires in state

The insurance giant State Farm, America's biggest car and home insurer by premium volume, will halt the sale of new home insurance policies in California, citing wildfire risk and inflation of construction costs.

Starting on Saturday, the company will not accept insurance applications for business and personal lines property and casualty insurance. The company will still accept auto insurance applicants.