California’s insurance commissioner approved a plan Tuesday, Feb. 11, to keep the state’s insurance of last resort solvent by collecting an additional $1 billion from all private insurance members after a record number of claims were filed following January wildfires in Los Angeles County.

Bay Area homeowners likely will be on the hook for a share of a massive bailout of California’s insurer of last resort after it ran out of money to pay claims arising from the devastating Los Angeles wildfires.

Harvey Rosenfield, Consumer Watchdogs, talks about the California FAIR Plan’s $1 billion bailout and the plan to impose a special charge on homeowners and insurance companies to cover L.A. wildfire costs.