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evastating wildfires are sweeping through Los Angeles County, killing at least five people and forcing nearly 180,000 residents to evacuate their homes. The blazes have destroyed or damaged over 2,000 properties, including celebrity homes belonging to Paris Hilton, Billy Crystal, and Mandy Moore. The true extent of the damage is still unknown as containment efforts continue.

    The fires are unfolding during a tumultuous time for the private insurance market, with State Farm dropping thousands of policies in California just months ago. Experts predict that the wildfires could become the costliest in US history, with estimates ranging from $20 billion to $50 billion.

    In the midst of the disaster, misinformation has spread on social media, including altered or AI-generated images. Officials have clarified that the iconic Hollywood sign was not damaged by the fires. The situation highlights the challenges faced by California homeowners, who are increasingly turning to the state's FAIR Plan insurance program due to private insurers pulling out of the state.

    The wildfires come at a time when the private insurance market is already under strain, with many homeowners struggling to find affordable coverage. The median list price for homes in the Pacific Palisades area is $4.5 million, making it one of the most expensive neighborhoods in the country.