By Andy Sullivan The Pacific Palisades area ravaged by wildfires in Los Angeles is one of the most expensive neighborhoods in the U.S., home to Hollywood A-Listers and multimillion dollar mansions. And ahead of this week's disaster,

The wind-driven wildfires burning out of control in the Los Angeles area couldn't have emerged at a more perilous moment for California's homeowners, as officials try to rehab what they concede is a deepening "insurance crisis.

This week's fires will only worsen the situation, insurance and real estate experts told Business Insider. "It's like we took two steps forward, then we just took five back," Cali

(structures includes vehicles) - 3 deaths - 4 firefighter injuries - 1,527 fire personnel assigned - Cause of fire unknown - Structure fire encompassed two homes and brush, extended into adjacent brush - Stopped forward progress at just under 1 acre Several homes went up in flames Wednesday as a new wildfire erupted in Studio City.