A couple whose home burned down in the Palisades Fire had just lost their insurance coverage for the property, highlighting a situation that could become more common.
What’s happening?
“State Farm, California’s largest homeowner insurer, announced plans last year to cancel approximately 30,000 policies for homes, rental units, and other properties in the state,” Newsweek reported. That included 1,626 contracts in Pacific Palisades and over 2,000 elsewhere in the Los Angeles area.
On Jan. 7, the Palisades Fire ignited, killing at least 12 people and destroying almost 7,000 residential, commercial, and other structures.
State Farm, a week later, said it would renew the policies of those affected if they hadn’t already lost coverage. This couple, who did not want to be named, was not among that group and had turned to a state-run insurance market as a last resort…