Pacific Palisades, the Los Angeles neighborhood that’s been devastated by the Palisades Fire, is emblematic of the insurance nightmare increasingly facing homeowners residing in regions prone to climate disasters.
About 1,600 policies in Pacific Palisades were dropped by State Farm in July, California Department of Insurance spokesman Michael Soller said in an Thursday email to CBS MoneyWatch. An analysis of insurance data by CBS San Francisco last year found that State Farm also dropped more than 2,000 policies in two other Los Angeles Zip codes, which include the Brentwood, Calabasas, Hidden Hills and Monte Nido neighborhoods.
In an email to CBS MoneyWatch, State Farm said,
LA fires may spark end to cheap California homeowners’ insurance
