California’s $1 Billion Insurer Bailout Deepens Housing Strains

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

Now, the Los Angeles wildfires are likely to add another financial burden to households across the state.

A $1 billion assessment announced Tuesday for California’s FAIR Plan, the state-mandated insurer of last resort, is expected to drive up premiums as companies will likely pass some of the costs onto homeowners. The charge, meant to help cover wildfire losses, underscores a broader crisis ...