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I'm Jerry Willis, and this is the Fox Business Rundown.

Friday, January 10th, 2025. Set to become one of the most destructive fires in the state's history. The California wildfires will inflict a serious financial toll that threatened

to spiral into a home insurance crisis in the Golden State. It doesn't happen overnight, but it's

already happened, right? Most people are going to find that they didn't have the coverage that

they thought they had. The wildfires in California have been devastating, reportedly burning more

than 10,000 homes and structures so far. And with a blazes not yet fully contained, experts are anticipating these fires could soon

be the costliest in the state's history.

Usually, when your house burns down, you look to your home insurance provider.

However, many in California who live in high-risk areas have faced a major problem finding

affordable coverage to ensure their property from

this exact kind of disaster. Residents may have even had wildfire coverage on their homes a few

years ago, but since 2017, big private insurance companies like Allstate and Farmers Insurance

began to stop writing new policies and now reducing their coverage,

citing concerns about how the economic aftermath of wildfires impacted their ability to turn a

profit. Moody's ratings on Thursday estimated than insured losses from these fires could be in the

billions, with J.P. Morgan saying it could be tens of billions.

...