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

State Farm has asked the state's insurance commissioner for approval to increase premiums on homeowners, citing financial challenges.

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Len Ramirez reports on critics calling out State Farm over the company's trying to get its second insurance rate hike since last June in the wake of the Southern California wildfires.

State Farm, the largest home insurer in California, is asking for an emergency rate hike from state regulators as it warns that multibillion-dollar payouts from the Los Angeles wildfires threaten its balance sheet and the broader insurance market.