The California FAIR Plan, the state's insurer of last resort, has received approval to assess its member carriers $1 billion to help pay its L.A. fire losses -- with consumers possibly on hook for nearly half under new state policy.

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.

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.