The plan now covers about 370,000 homeowners, more than double the number five years ago. By next year, its rolls could expand to 500,000, according to California FAIR Plan president Victoria Roach. Credit: Ringo H.W. Chiu The plan now covers about 370,000 homeowners, more than double the number five years ago. By next year, its rolls could expand to 500,000, according to California FAIR Plan president Victoria Roach. Credit: Ringo H.W. Chiu

(Bloomberg) — California's property insurer of last resort told lawmakers that it is financially unprepared to cover the costs of a major catastrophe in the state.

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