Fast-moving wildfires in Southern California are causing what officials warned might be devastating losses for residents. Governor Gavin Newsom said that 'many structures' were destroyed by the blaze, with experts predicting hundreds of thousands of dollars in damages. This comes as a major insurer canceled thousands of policies in affected areas last summer, leaving homeowners scrambling for coverage.
Fast-moving wildfires in Southern California are causing what officials warned might be devastating losses for residents in the area. During a press conference on Tuesday, the state's Governor Gavin News om said that 'not a few' but 'many structures' in the area were destroyed by the blaze.
Many of those affected lived in high-risk, upscale neighborhoods in Los Angeles County, the area now affected by the Palisades fire.The move was justified by State Farm as an attempt to reduce the company's overall exposure after two years of devastating wildfires in 2017 and 2018, and huge losses for the insurance industry in California.In Pacific Palisades, about 1,600 insured homes lost coverage following State Farm's decision, as reported by ABC 7.
CALIFORNIA WILDFIRE INSURANCE PROPERTY DAMAGE CLIMATE CHANGE
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