California's Insurance Crisis: Wildfires and Rising Premiums

Set to become one of the most destructive fires in the state’s history, the California wildfires will inflict a serious financial toll on homeowners and their insurance costs.

Usually when your house burns down, you look to your home insurance provider for the fix; however, many residents in California who live in high-risk areas have struggled to find affordable coverage, or they may even have been recently dropped by their insurance providers, who argue the wildfires cost damage too hefty to cover.

FOX Business correspondent Gerri Willis speaks with CRMBC CEO and insurance industry expert Kaya Stanley about how the wildfires threaten to balloon home insurance issues into a crisis in the Golden State.

Photo Credit: AP

Learn more about your ad choices. Visit podcastchoices.com/adchoices