California has been hit with an exodus of property insurance companies in recent years, and the state's ongoing wildfires threaten to make the problem worse.

Lynne Levin-Guzman stood in the front yard of her 90-year old parents’ home in Los Angeles County, California, trying to protect it with a garden hose — because their insurance company no longer would.

Industry officials warn of widespread economic damage on par with some of the biggest fire disasters in recent memory.

We need to make it incredibly expensive to build in these kinds of environments,’ one expert told The Independent. ‘If the insurance industry refuses to sell policies, maybe people won’t risk it’

California had just set new rules for insurance companies, aimed at enticing insurers who had left the state, to return to the California market and resume writing policies for people in high-risk areas.

The insurance company canceled thousands of California homeowners' insurance policies last year in an attempt to avoid "financial failure."

The wildfires that destroyed homes in multiple sections of the Los Angeles area will test California’s efforts to stabilize the state’s insurance marketplace after many insurers stopped issuing reside

Several California insurers have cut policies in wildfire-prone areas of the state in recent years, leaving homeowners scrambling for options.

The Los Angeles County fires are now raising concerns about what's next: Could there be another explosion in California home insurance policy costs?

California's historic wildfires come nearly a year after an insurance company canceled thousands of homeowners policies. The insurance agency justified the move as an attempt to avoid financial failure as California sees more wildfires.