Home insurance crisis looms as major insurers flee California due to climate concerns.

California Insurance Commissioner Ricardo Lara has said he will not take any action against State Farm after the company announced it would no longer accept applications for new home insurance policies. Lara said he did not have the authority to reverse State Farm's decision, but would focus on bringing companies together to protect consumers and ensure they do not lose coverage. State Farm cited wildfires and the growing cost of construction for its decision to halt new policies, which Lara considers a "pause." Lara said he was confident in the state's wildfire prevention and preparedness efforts and that California homeowners can start getting discounts for hardening their homes against wildfires.