The wildfires were previously estimated to cost around $50 billion, $10 billion of which is expected to be insured, according to JPMorgan.
As homeowners try to recover from the fires, they could face challenges. Many homeowners in California have already experienced difficulty getting insurance, and some have had their insurance canceled.
Last summer in Pacific Palisades, 70% of State Farm customers, about 1,600 homeowners, lost coverage when the insurer dropped policies in and around the Santa Monica mountains.
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