California's last-resort home insurer is getting a $1 billion bailout. Homeowners could be on the hook for some of the bill.

California's last-resort home insurer is getting a $1 billion bailout. Homeowners could be on the hook for some of the bill.

Frederic J. Brown/Getty Images

Property owners across California will likely pay higher insurance premiums to help cover the damages of the Los Angeles wildfires after the state's insurance plan of last resort said it doesn't have enough funds to pay out its claims.

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