The state’s insurance of last resort is charging a $1 billion special assessment to private insurance providers, a move approved Tuesday by the state’s insurance commissioner after a record number of FAIR Plan claims were filed after January wildfires in Los Angeles County.

The plan will impose a special charge on homeowners and insurance companies to cover $1 billion in L.A. wildfire costs

California's state-supervised fire insurance provider of last resort received approval to levy a $1 billion assessment on private insurers to ensure it can continue paying claims

California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member insurers to shore up the state-backed FAIR Plan after wildfires ravaged swathes of land in and around Los Angeles last month.

As California grapples with a home insurance crisis, Insurance Commissioner Ricardo Lara is taking action he says will save California's insurance program of last resort, known as the FAIR Plan.

Bay Area homeowners will likely be on the hook for helping bail out California’s insurer of last resort to the tune of $1 billion after it ran out of money to pay claims from the devastating Los Angeles wildfires.