Insurance giant State Farm canceled hundreds of homeowners’ policies last summer in the Pacific Palisades neighborhood of Los Angeles, where an estimated 1,000 structures have been destroyed by a Santa Ana-wind-fueled wildfire, reports Newsweek.
The decision by State Farm, one of the biggest insurers in California, was justified by the company as an attempt to avoid “financial failure.”
The Palisades fire is the most destructive in L.A. history and has sent residents fleeing from burning homes.
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