The high end of the market is not incidental to the American insurance crisis. It sits at the center of it. In California, nine ZIP codes out of more than 1,700 account for roughly 7 percent of the FAIR Plan’s total liability exposure. Among them are Beverly Hills, Malibu and Bel Air. That is about $44 billion as of September 2025, and a 135 percent increase since 2022, according to a Bloomberg analysis of state data. The FAIR Plan is California’s insurer of last resort. It exists for properties nobody else will write. That the most expensive neighborhoods in the…