A rash of fast-moving wildfires have wreaked havoc across Los Angeles in recent weeks. Following the outbreak of the Hughes fire, the structural toll of the January wildfires Early estimates place the economic toll of the fires between . Now, property insurers in the state are facing a historic payout, an estimated .

"Preliminary loss estimates are running in the range of $30 to $50 billion", says David Sampson, president and CEO of the American Property Casualty Insurance Association. "That will be the largest fire related catastrophe globally in history."

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For many California homeowners the situation is dire. Several major property insurance companies, including the state's largest insurer, , announced in recent years. Some have restricted underwriting in high-risk ZIP codes, others have pulled out of the state all together. Homeowners who have lost their home insurance are largely turning to what is called the 'insurer of last resort', the California .

Malibu homeowner Joan Zoloth is one of more than covered under the FAIR Plan.

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"I had to scramble for as many people do in California, had to scramble for insurance," says Zoloth. "I called agents and said, 'What do I do?' And they said, 'You know, it's going to be very hard for you to get insurance'".

Along with private insurers, the FAIR Plan also faces a massive payout, an estimated in losses. An amount the FAIR Plan simply can't cover. As of Jan. 10, 2025, it had only to pay claims, as well as an additional $5.78 billion in reinsurance. 

It's not just Californians who are grappling with due to severe climate risks and worsening disasters. According to Realtor.com, 44.8% of all U.S. homes are in areas that face at least one severe or extreme climate risk. That includes flooding, wildfires, heat, wind and air quality risks. Insurers have also been limiting underwriting in parts of Florida, Louisiana and Texas as natural disasters grow in intensity and cost.

Watch the video above to learn more about the dire home insurance situation and how state regulators are working with insurers to deliver coverage back to homeowners.