California’s housing market is already one of the most expensive in the country. A San Francisco condo can cost as much as a four-bedroom house in Texas and families drive hours inland just to find a starter home.

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.

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.