An analysis by J.P. Morgan estimates that the insured losses from the Southern California wildfires could exceed $20 billion and push overall economic losses to $50 billion.

The Palisades Fire and the Eaton Fire are now among the top 5 most destructive wildfires ever recorded in California. At least 11 people are dead and more than 10,000 homes and other structures destroyed.

The state of California announced a one-year moratorium on the cancellation or non-renewal of homeowners insurance policies in zip codes affected by the Los Angeles-area wildfires.

Once the California fires are under control, Los Angeles will likely address another crisis – insurance. CBS News New York's Mahsa Saeidi reports from Altadena.

Officials and consumer advocates offer advice for Southern California residents with insurance questions in the aftermath of wildfires.