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 from the devastating January 2025 wildfires.

In the aftermath of the Los Angeles fires, the FAIR plan gets a $1 billion bailout — the latest indication that California’s home insurance market is on shaky footing.

California's last-resort homeowners insurance plan seeks a $1 billion infusion from private insurers to help pay Los Angeles-area wildfire claims.

State regulators approved a $1 billion bailout of California's insurer of last resort so that it could continue paying claims.

The bailout will be funded by the state's private insurers, but a new rule says they they can pass up to half of the cost on to customers.