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.

A $1 billion assessment announced Tuesday for California’s FAIR Plan, the state-run insurer of last resort, is expected to drive up premiums as companies will likely pass some of the costs onto homeowners.

Insurers are estimating losses totaling billions of dollars from the Los Angeles wildfires, including assumed payments to allow for a bail out

Virtually every homeowner in California may have to dip into their pockets to help cover the cost of January's Los Angeles wildfires, after the state's insurance regulator approved an industry-wide levy for the insurer of last resort.

Corelogic also estimates that 60% of these properties were total losses. *America’s Climate Problem *Hurricane Damage Hits $500 Billion *New York City Hit By Fires The overall estimate is based on 20,