A new rain storm is bearing down on California, including fire-ravaged Los Angeles, where residents are bracing for the possibility of mudslides and landslides.

California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member insurers to shore up the state-backed FAIR Plan after wildfires ravaged swathes of land in and around Los Angeles last month.

California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires.

The funds will help the state’s insurer of last resort pay claims to thousands of homeowners affected by the wildfires.