Gov. Newsom signed a bipartisan bill Thursday that aims to prevent the state's home insurer of last resort from running out of money following a natural disaster. The FAIR Plan is an insurance pool that provides policies to people who can't get private insurance because their properties are deemed too risky to insure. The number of homeowners forced onto the FAIR Plan has skyrocketed. With high premiums and basic coverage, the plan is designed as a temporary option until homeowners can find permanent coverage. The law allows the FAIR Plan to request state-backed loans and bonds and spread out claims payments over multiple years after a disaster. Insurance companies were previously required to pay the full bailout within 30 days. Supporters of the new law said it will prevent the need for future bailouts that raise rates for everyone.