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Insurance giant State Farm has announced that it will stop selling new flood insurance policies, saying that a number of factors contributed to the company's decision.

The company will still service existing flood insurance policies and its agents will still help those customers with the policies to get more from the National Flood Insurance Program directly, it told the Insurance Journal. A company spokesman said the decision to no longer sell its own coverage was based on recent disruption in NFIP plans, such as the existing moratorium on writing new policies...