California prevents insurance cancellations for Southern California wildfire victims. Learn about the moratorium issued by Gov. Gavin Newsom.

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California Insurance Commissioner Ricardo Lara has banned insurance companies from canceling or not renewing polices for homeowners affected by the Palisades and Eaton fires for one year. The moratorium,

California Gov. Gavin Newsom (D) is in the spotlight as multiple wildfires tear through the Los Angeles area, putting his response under a microscope amid speculation over his political ambitions. On Tuesday,

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In the spirit of this great country, we must not politicize human tragedy or spread disinformation from the sidelines,” Newsom wrote.

A recent moratorium now protects California policyholders from losing home insurance coverage for at least one year if their home is near a site affected by wildfires.

California home insurance policyholders in and around the areas of the Palisades and Eaton fires received some welcome news from the state's department of insurance last week. California has long been a mixed bag for insurers.

State Farm said in March that it would stop offering insurance to 72,000 homes across California, blaming the risk of natural disasters and the impact of inflation. The Department of Insurance said that among the policies that the company had targeted for nonrenewal, more than 7,600 were in the Palisades fire zone.

California's Fair Plan, the state's insurer of last resort, may be unable to pay billions in claims arising from the Los Angeles fires and may require a bailout that could ultimately be paid by homeowners statewide.

The limited exposure of reinsurers reflects a strategic reduction in their natural catastrophe risk exposure in recent years. According to a report from the Financial Times, reinsurers have raised rates and increased attachment points, prompting primary insurers to reduce their own wildfire coverage in California.

Firms intended to backstop frontline insurers raised rates and increased recovery thresholds after losses on prior blazes