In a week when the temperature in Death Valley is heading for 130 degrees F., Farmers Insurance became the third major national carrier to pull back on writing new homeowners policies citing rising costs due to inflation and the increasing risk from wildfires.

Unlike Allstate and State Farm, which aren't writing any new property insurance policies in California other than for motor vehicles, Farmers is capping rather than eliminating all new homeowners insurance policies.

Under a new policy it said was effective July 3, Los Angeles-based carrier said it now is capping the number of new homeowners insurance policies it accepts each month at 7,000—which Farmers said is generally the number of new policies it has written in California annually in recent years.