The California insurance crisis laid bare by the Los Angeles fires was fueled by "regulatory failure," economist Nancy Wallace told Newsweek.

Next-door neighbors lost their near-identical homes in a California wildfire, but how they are navigating rebuilding is a story of contrasting fortunes and unequal recovery, a stark reflection of the

As wildfires, hurricanes and other natural disasters become more frequent due to climate change, many property owners find themselves struggling to find or afford private insurance.