Charred vehicles are seen along a road after the passage of the Palisades Fire in Pacific Palisades, California last month. Allstate insurance said paying claims from the fire will cost it an estimated $1.1 billion.
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Allstate expects $1.1 billion loss from California fires
Allstate Insurance says it will pay out $1.1 billion in claims caused by the wildfires that swept through Southern California in January. While the expected payout is significant, Allstate said Wednesday it was able to limit its losses partly by pulling back from the California market. Many insurers, including Allstate, have been canceling homeowners’ policies in many areas of California due to growing threat of wildfires — leaving many homeowners with more expensive and often limited alternatives, or with no insurance coverage at all.
