Wildfires

Insurers had already doled out more than $12 billion to pay for wildfire damages as of early March, according to California state officials.

The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.

The provisionally approved rate hike would provide financial relief to State Farm's California subsidiary, which has said it needs to shore up confidence with solvency regulators and ratings agencies.

As climate change causes more frequent disasters, more mortgages are at risk of going underwater. How can banks limit their exposure?

California leads the nation with over 1.5 million at-risk properties, but many threatened homes sit east including $68 billion worth of Florida real estate.

Tariff and layoff worries are leading some to reconsider pending deals, but a surplus of existing homes now has other buyers backing out as well, Redfin said.

State Farm's "emergency" rate increase request was rejected by California's insurance commissioner.

A $1 billion assessment announced Tuesday for California's FAIR Plan, the state-mandated insurer of last resort, is expected to drive up premiums as companies will likely pass some of the costs onto homeowners.

While it is still early to see the full impact on delinquencies, 5% fewer borrowers in these areas made their monthly mortgage payment by Jan. 17.

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.