The Palisades Fire could cause more than $10 billion in damages, further straining the state’s fragile insurance market. On Tuesday, after a ferocious Santa Ana windstorm blew through Southern California,

State authorities previously listed the Palisades as one of the five Southern California areas with the highest concentration of potential wildfire risks. The community also is among the areas most impacted by an unavailability of insurance coverage.

Industry officials warn of widespread economic damage on par with some of the biggest fire disasters in recent memory.

Los Angeles officials provided an update for residents having to deal with insurance claims after several wildfires swept through Southern California. California Insurance Commissioner Ricardo Lara broke down his latest efforts to help residents who lost their homes.

Insurers are set to face a bill that could top $20 billion.

Insurance is going to be even harder to come by, and it is going to get incredibly more expensive than it already is. People need to be prepared for that,” said Mark Newman-Kuzel, president and owner of The Mark Newman-Kuzel Agency in Los Angeles,

Damages from the recent fires in the Los Angeles area could overwhelm California’s already stressed insurer of last resort

Several California insurers have cut policies in wildfire-prone areas of the state in recent years, leaving homeowners scrambling for options.

California's historic wildfires come nearly a year after an insurance company canceled thousands of homeowners policies. The insurance agency justified the move as an attempt to avoid financial failure as California sees more wildfires.

State Farm canceled hundreds of homeowners’ insurance policies for residents in many of the same areas now in the path of the Southern California wildfires. The insurance company’s reasoning for canceling policies for people living in Pacific Palisades in Los Angeles County,