by Laurence Darmiento at Los Angeles Times
- The fires across Los Angeles County are likely to be one of the most expensive natural disasters in U.S. history, with losses estimated at $50 billion or more.
- The losses threatened to deepen a crisis that has already left hundreds of thousands of Californians struggling to find and keep affordable homeowners insurance.
When raging wildfires tore through Pacific Palisades and other local communities this week, they not only left a path of destruction reminiscent of a World War II bombing campaign, but threatened to deepen a crisis that has already left hundreds of thousands of Californians struggling to find and keep affordable homeowners insurance.
The multiple fires from Los Angeles to the San Gabriel Valley that have burned more than 2,000 structures since Tuesday — leading to losses that by one early estimate are well into the tens of billions of dollars — hit Southern California as insurers have been dropping customers statewide citing the increasing number and severity of wildfire-related losses.
The Palisades fire alone, which consumed more than 1,000 homes, is being called the most destructive fire ever to hit the city, while the fires across the county are likely to be one of the most expensive natural disasters in U.S. history.
“It’s just an unmitigated disaster,” said Amy Bach, executive director of United Policyholders, a consumer advocacy group. “Wildfires in January? This just proves insurers’ point that the risk is so significantly increased due to climate change.”
State Farm, the state’s largest home insurer, announced…
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