Historically destructive wildfires ripped through Southern California this month, leaving more than 16,000 structures destroyed and insurers facing $40 billion in payouts. The disaster’s compounds an already dire situation for California’s insurance market after multiple home insurers limited underwriting or pulled out of the state all together. Now, California joins a growing list of states, including Florida, Louisiana, and Texas, who are facing a shrinking home insurer pool.
Chapters:
0:00-2:32 Introduction
2:32-5:31 The Los Angeles fires
5:31-9:05 Rising costs
9:05-11:15 Higher rates
Produced by: Devan Burris
Camera: Andrew Evers
Edited by: Darren Geeter
Senior Director: Shawn Baldwin
Additional Footage: Getty Images
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What Happens When Home Insurance Companies Run Out Of Cash
