How will home insurance change after LA’s fires?

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The California fires have devastated Los Angeles. They may also wreak havoc on the insurance industry: Experts say total losses will reach $250 billion or more.

The fires have laid bare an “insurance crisis” in California, said The New York Times. Even before the fires, climate risks like hurricanes and tornadoes were “pushing up premiums around the country.” But big companies were still losing money in some states, and even withdrawing from the market entirely in disaster-prone regions. The accumulation of calamities could be a tipping point: “We are marching steadily towards an uninsurable future in this country,” said Dave Jones, a former California insurance commissioner.

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