A new California wildfire has erupted near Runyon Canyon Park in the Hollywood Hills of Los Angeles. This comes as much of Southern California enters its third day of a critical fire weather threat. FOX Weather's Robert Ray describes the current situation in Pacific Palisades as multiple wildfires continue to burn.

Seven months before the uncontrolled Palisades Fire in Los Angeles, the city's fire department budget for this fiscal year was cut by more than $17.5 million, records show.

U.S. insurance stocks slid on Friday as analysts estimated insured losses from the wildfires menacing Los Angeles could reach as high as $20 billion, potentially making it the costliest disaster in California's history.

Victor Shaw, 66, found on roadside the morning after refusing to evacuate in order to stay and fight blaze threatening family’s residence in Altadena

As hundreds of Los Angeles residents return to find homes reduced to ashes due to a devastating wave of wildfires, many are fearful that their insurance policies may not cover the rebuild cost and that future premiums will be astronomical.