Climate change

The California FAIR Plan Association, already vulnerable financially, will likely need an assessment of insurers or policyholders as a rescue measure, according to experts.

California's governor previously prohibited price gouging for building materials and housing services after wildfires destroyed or damaged 12,000 structures.

The Palisades fire, stretched across an area larger than Manhattan and where the median home price approaches $4 million, has damaged or destroyed more than 5,000 structures.

Verisk and Moody's are the first two modeling companies to submit their models to the California Department of Insurance. A Verisk executive explained the functioning of their model and what insurers' options are.

A trio of blazes in SoCal have destroyed over 2,000 homes and structures in neighborhoods with average property values well above the national average.

American Forestry, a non-profit conservation group, partners with Travelers to promote proactive fire prevention methods for homeowners.

The average surplus premium to protect property this year was roughly $46,000 in the wealthy enclave and the situation is only likely to worsen as climate change ups the odds of destructive wildfires.

Homeowners in areas affected by Hurricane Sandy have already seen growth in their property values lag behind the national median.

As this year's natural disasters bring heightened attention to the cost and availability of homeowners insurance, servicers often find themselves caught in the middle when customers see premium hikes.

Half a million single-family and multifamily homes in Tampa Bay and Sarasota are at risk of storm surge damage, Corelogic's report said.