Key Takeaways Insurance company shares dropped as the massive wildfires in California are now estimated to have caused $135 billion to $150 billion in damage and economic loss.AccuWeather said the costs from the deadly blazes could go substantially higher.

State authorities previously listed the Palisades as one of the five Southern California areas with the highest concentration of potential wildfire risks. The community also is among the areas most impacted by an unavailability of insurance coverage.

In recent years, insurers like Allstate, American National, The Hartford and State Farm have stopped renewing policies or issuing new policies for California homeowners.