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.

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

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.