Climate Crisis Sparks Insurance Crisis in California
State Farm, the largest insurance firm in the US, has stopped accepting new homeowner insurance applications in California due to the heightened risk of natural disasters, such as wildfires, along with historic increases in construction costs. This decision comes after two large insurance firms in California ended their coverage for some multimillion-dollar houses in wildfire-prone areas. The move highlights the impact of the climate crisis on the availability of home insurance and the potential for plummeting house prices in areas where insurance is unavailable.