Fire insurance in LA will become unaffordable or nonexistent. US taxpayers are not on the hook for this debacle regardless of what has been said.
It’s the same with hurricanes in Florida. Been slammed by 2 storms in 2 years. Took Milton full landfall, damn eye went right over the house, and we took the north eye wall of Ian in 2022. The damages were not nearly enough to file a claim but my premiums increased after Ian and I’m almost certain they will rise again come April.
My take is, if the Government requires a product “insurance”, which one needs if they have a mortgage, then they also need to provide a solution as well.