During this winter of extremes in California, with tragic wildfires raging in the south and most of the season’s rain falling in the north, the insurance market has fallen only deeper into crisis. But one flood insurance product for local governments recently launched in the state models a different approach designed for such erratic climate patterns. The County of Monterey, which spent upward of $100 million to recover from flooding during the prior two winters, is among governments statewide looking closely at the new flood insurance option. Monterey County had applied for relief from FEMA after atmospheric rivers saturated the region, but it still awaits some of the federal reimbursement. By contrast, the new insurance product, which uses a structure dubbed “parametric,” vows to immediately deliver smaller payouts for a flexible range of emergency costs.