The insurance market is unstable due to natural disasters like the Southern California wildfires, causing significant damage and challenges for homeowners. Many private insurers have reduced their offerings or left the market, leaving residents dependent on the state-run FAIR Plan with limited coverage. Finding affordable insurance is expected to become harder as insurers raise rates and add exclusions. Regulatory reforms may help, but homeowners could face higher premiums. Efforts to combat climate change through clean energy projects are also underway.
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