California Gov. Gavin Newsom has declared a state of emergency as wildfires rage across Los Angeles County, leading to thousands of residents evacuating and facing perilous conditions.
The 2024 Housing and Climate Risk Report reveals a staggering 5.5% of U.S. homes worth $3 trillion are at significant risk of fire, with California housing nearly 40% of these.
Recent studies show that the frequency and severity of wildfires have doubled in the past two decades, primarily due to climate change, drastically impacting home insurance availability in California.
In 2024, at least 13% of California real estate agents reported canceled transactions due to clients’ inability to secure homeowners insurance, reflecting the growing challenges in fire-prone areas.
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