California insurance crisis spreads beyond wildfire communities

State of play: Average homeowners insurance premiums in California have risen 84% since 2020. Deductibles are also rising, leaving homeowners with greater out-of-pocket costs when disaster strikes.

• Rising climate risks, mounting wildfire losses and higher rebuilding costs are making coverage more expensive, per the study.

Threat level: "More than one in 17 new California home loans is now being written with the most limited, most expensive coverage option as the only available choice," Michael Wara, Stanford's Climate and Energy Policy Program director and co-author of the paper, wrote.

• "Unless market fundamentals change, the FAIR Plan's footprint will keep growing and housing will become even more out of reach for Californians."