FOX Business' Cheryl Casone joined 'Fox & Friends First' to discuss the insurance crisis in California as wildfires devastate Los Angeles and the broader concerns about the industry moving forward.

State Farm, one of the biggest insurers in California, canceled hundreds of homeowners' policies last summer in Pacific Palisades—the same area which is now being ravaged by a devastating wildfire. The move was justified by the company as an attempt to avoid "financial failure" as the frequency and severity of wildfires is growing in the Golden State,

State Farm, one of the largest homeowners insurance providers, reportedly canceled hundreds of policies in the Pacific Palisades region of Los Angeles County.