It's estimated the damage from the Southern California wildfires will cost up to $45 billion to remedy. That's according to two analytic firms, Verisk and CoreLogic, which calculated property losses covered by insurance in the Palisades and Eaton fires.

In the fourth quarter, catastrophe losses took $315 million out of Allstate’s homeowners insurance business, up from $21 million the year before.

Arizona led the U.S. for the biggest jump in home insurance rates between 2019 and mid-2024, when home insurance costs skyrocketed more than 62%.

State Farm has asked the state's insurance commissioner for approval to increase premiums on homeowners, citing financial challenges.

California's largest private insurer, State Farm, on Monday urged the state's insurance regulator to approve an emergency hike in rates to help offset the hefty payouts the company is making after devastating wildfires in Los Angeles last month.