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 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.