The California insurance crisis laid bare by the Los Angeles fires was fueled by "regulatory failure," economist Nancy Wallace told Newsweek.

Next-door neighbors lost their near-identical homes in a California wildfire, but how they are navigating rebuilding is a story of contrasting fortunes and unequal recovery, a stark reflection of the

State Farm General, California’s largest insurance provider, is seeking a rate hike after the catastrophic firestorm that impacted Los Angeles County in January.

State Farm said it wants to raise rates for millions of California homeowners due to increasing wildfire risks.

State Farm, California's largest insurance provider, has requested the state's insurance agency for emergency approval of interim rate hikes to help offset the large payouts it has to make following last month's wildfires in Los Angeles County and protect the state's "fragile" insurance market.