Historically destructive wildfires ripped through Southern California this month, leaving more than 16,000 structures destroyed and insurers facing $40 billion in payouts. The disaster's compounds an already dire situation for California's insurance market after multiple home insurers limited underwriting or pulled out of the state all together. Now, California joins a growing list of states, including Florida, Louisiana, and Texas, who are facing a shrinking home insurer pool. Chapters: 0:00-2:32 Introduction 2:32-5:31 The Los Angeles fires 5:31-9:05 Rising costs 9:05-11:15 Higher rates Produced by: Devan Burris Camera: Andrew Evers Edited by: Darren Geeter Senior Director: Shawn Baldwin Additional Footage: Getty Images » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to up your AI skills and be more productive? Take CNBC’s new online course on “How to use AI to be More Successful at Work" to leverage AI at work, and in life. Sign up now and use coupon code EARLYBIRD for an introductory discount of 30% off $67 (+ taxes and fees) through February 11, 2025: https://cnb.cx/40jZlNX Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC #HomeInsurance #Wildfires What Happens When Home Insurance Companies Run Out Of Cash