Regulators want State Farm barred from writing new policies for a year for allegedly violating state law after the Los Angeles wildfires — but experts say current customers shouldn’t panic. “Auto insurance and home insurance contracts are one year contracts, and they commenced at different times for different people. Suspension of the license would not vitiate those contracts,” Dave Jones, the former California Insurance Commissioner, told The California Post. “You’d still have your existing contract, it would mean, though, that it wouldn’t be able to get renewed,” Jones added.  Regulators want State Farm barred from writing new policies for a year for allegedly violating state law after the Los Angeles wildfires — but experts say current customers shouldn’t panic. AP “Auto insurance and home insurance contracts are one year contracts, and they commenced at different times for different people.…