A revolution is underway in California’s insurance market that could provide relief to homeowners in high-fire-risk neighborhoods who have found it difficult to find insurers to cover their homes, typically a household’s most valuable asset.
Under new rules, state insurers for the first time will be allowed to use so-called catastrophe models to help determine the cost of home insurance. The models, developed by firms such as Verisk Analytics and Moody’s, are complex computer programs that aim to better determine the risk a structure faces from wildfires amid a changing climate. Here are five things to know about the models:
Read more at the Los Angeles Times.