As wildfire damage climbs to $40 billion, homeowners face higher insurance costs

“While the state of California and the broader insurance industry will handle the estimated $40 billion cost from the Los Angeles wildfires, homeowners will likely get burned by higher policy costs, S&P Global said in a research note.

Insurance rates are likely to rise not only in California, but in other areas where wildfires often strike such as Colorado, Washington State and Oregon, S&P analysts said.“