California has been hit with an exodus of property insurance companies in recent years, and the state's ongoing wildfires threaten to make the problem worse.

State Farm is being accused of canceling thousands of fire insurance policies in California right before the massive wildfires. More than 10,000 homes and businesses have been destroyed as multiple wildfires continue to ravage parts of Los Angeles County,

The insurance company canceled thousands of California homeowners' insurance policies last year in an attempt to avoid "financial failure."