What to know NBC Los Angeles [Video]

Today is a pivotal day for California’s home insurance crisis, especially if your insurance company dropped you. Companies can now start submitting new catastrophe computer models to the state. 

It’s the first-mile marker in a race that will test a deal the state recently cut with home insurance companies. California’s betting that letting companies use computer models for the first time to gauge risk will convince them to stop dropping home policies and start selling new ones. 

Today, an analytics company called Verisk — which works with major insurance companies behind the scenes — was the first to cross an interim finish line. The state confirms Verisk was the first to submit a model for state review. 

“Today is an important day because we submitted a model for review, that will allow — we hope– for better quantification of wildfire risk to the California insurance market,” said Rob Newbold, president of Extreme Event Solutions at Verisk, in an interview with NBC Bay Area …