The rise in natural disasters, including wildfires and droughts, has taken a heavy toll on California, leading to unprecedented financial impacts. Insurers are bracing for potential losses of $135 billion to $150 billion from the January wildfires alone.
As traditional insurers pull out of the state or limit coverage, unregulated carriers are stepping in. However, with less oversight, homeowners are taking on greater risks, and many are seeing more insurance claims denied by these companies.
