Home insurers are dropping customers based on aerial images • Hacker News Board

Re: Home insurers are dropping customers based on aerial images

#111

Post by overstay8930 » Sat, Apr 06, 2024, 6:33 PM UTC

hn_throwaway_99 wrote: post #52

dmoy wrote: post #39

Earlier quoted context omitted.

Do you live in CA? In recent years that's the majority of arbitrary cancellations I've heard about - companies pulling entirely out of CA.

I 100% agree with landedgentry. I don't really have any problem with insurers using drone photos - anyone can take drone photos of anyone else's property - and I'm not really a fan of the article calling it "spying" to imply some special kind of nefarious behavior. But I do think the total bullshit is that companies are just using it to come up with essentially fake reasons to drop customers: > Cindy Picos was droppe…

Independent inspectors almost always say what whoever is paying them wants to hear (see: Florida). 10 years left on a roof usually means the next large wind storm will take it out, they’re not paid to look for that.

Re: Home insurers are dropping customers based on aerial images

#112

Post by brogrammernot » Sat, Apr 06, 2024, 6:34 PM UTC

salawat wrote: post #86

brogrammernot wrote: post #81

Earlier quoted context omitted.

Thanks for the insightful and thought-provoking comment.

They are not wrong. Insurance with perfect info ceases to ne any form of a recognizable social good. In fact, it just becomes indistinguishable from a sanctioned form of populational segregation, instead of the pull-a-long stick-with-carrot through which risk is mitigated against long tail events through active propagation of best practices as a condition of coverage. Insurance companies should be exposed to the same…

Their comment didn’t add anything to the conversation, contrasted with yours I’m sure you can see the difference.

I agree with your commentary, my point was that they’re (insurance companies) unable to use the information they learn or newer predictive elements to help avoid the mismanagement.

Arbitrary decisions by these elected or appointed officials, as I have seen first-hand, ignoring the reality that if they aren’t able to off-set that risk it comes at great cost to the company first and their constituents later as a knock-on effect results in the only way to not have it “blow up in their face” by removing services.

So to your point, the lack of ability of control rates in a more reasonable fashion (I’m not pro no regulations btw) actually results in the same thing you’ve pointed out above - the ones who need the insurance the most can no longer get it or cannot get adequate coverage.

Re: Home insurers are dropping customers based on aerial images

#113

Post by overstay8930 » Sat, Apr 06, 2024, 6:34 PM UTC

halfcat wrote: post #106

hn_throwaway_99 wrote: post #52

Earlier quoted context omitted.

I 100% agree with landedgentry. I don't really have any problem with insurers using drone photos - anyone can take drone photos of anyone else's property - and I'm not really a fan of the article calling it "spying" to imply some special kind of nefarious behavior. But I do think the total bullshit is that companies are just using it to come up with essentially fake reasons to drop customers: > Cindy Picos was droppe…

Why aren’t insurance companies required to operate like market makers in the equities markets, where they’re free to choose the price they’re offering, but must offer a price in the market they’re in? If the roof needs replacing (in the insurance company’s view) then charge whatever the rate is that covers that and still makes them a profit. Don’t just deny coverage.

They will just charge the customer the price of a new roof, there’s no point in what you’re asking for.

Re: Home insurers are dropping customers based on aerial images

#114

Post by myself248 » Sat, Apr 06, 2024, 6:34 PM UTC

brogrammernot wrote: post #69

landedgentry wrote: post #17

I'm less concerned about the spying and more concerned about insurance companies arbitrarily non-renewing policies with no recourse for the consumer. Insurance is heavily regulated for good reason, and insurance should be a source of stability instead of anxiety.

Alright, I spent years working and building 0-1 insurance products. Let me peel back some stuff that’s been happening behind the scenes. Some officials are elected and some are appointed which all depends on the state. Appointed officials are usually more reasonable and elected are not because higher rates = mad voters = re-election chances lower. For a long time, insurers have struggled to get sufficient rate change…

I thought risk pooling was the point?

Re: Home insurers are dropping customers based on aerial images

#115

Post by overstay8930 » Sat, Apr 06, 2024, 6:37 PM UTC

time0ut wrote: post #30

Insurance is a borderline scam. You have to have it by law or in case the worst happens. When the worst does happen get ready for a fight as they will do everything they can legally do to wriggle out.

If it’s a scam then don’t buy it. Pay cash for everything and put up a bond with your state, you don’t even need car insurance at that point.

Re: Home insurers are dropping customers based on aerial images

#116

Post by jjtheblunt » Sat, Apr 06, 2024, 6:37 PM UTC

throwaway74432 wrote: post #19

Related, my vehicle insurer keeps jacking up the rates. I've never been in an accident or had a ticket, and I drive 2000 miles per year. But every year up up up. Then they offer I install a tracking device on my car to get my rates back down to a reasonable amount. There seems to be a pattern of insurers wanting to know everything about everyone, and using irrationally higher rates to coerce consent. And I have to pa…

You’re free to change insurance companies, aren’t you?

Re: Home insurers are dropping customers based on aerial images

#117

Post by lokar » Sat, Apr 06, 2024, 6:39 PM UTC

jjtheblunt wrote: post #109

brogrammernot wrote: post #69

Earlier quoted context omitted.

Alright, I spent years working and building 0-1 insurance products. Let me peel back some stuff that’s been happening behind the scenes. Some officials are elected and some are appointed which all depends on the state. Appointed officials are usually more reasonable and elected are not because higher rates = mad voters = re-election chances lower. For a long time, insurers have struggled to get sufficient rate change…

I’m not seeing you motivate or justify the rate increases.

The insurance companies are loosing money. Rates have to go up.

Re: Home insurers are dropping customers based on aerial images

#118

Post by twoodfin » Sat, Apr 06, 2024, 6:39 PM UTC

jjtheblunt wrote: post #109

brogrammernot wrote: post #69

Earlier quoted context omitted.

Alright, I spent years working and building 0-1 insurance products. Let me peel back some stuff that’s been happening behind the scenes. Some officials are elected and some are appointed which all depends on the state. Appointed officials are usually more reasonable and elected are not because higher rates = mad voters = re-election chances lower. For a long time, insurers have struggled to get sufficient rate change…

I’m not seeing you motivate or justify the rate increases.

Why should any seller have to justify their prices? Just don’t buy their policy, buy someone else’s.

Re: Home insurers are dropping customers based on aerial images

#119

Post by margalabargala » Sat, Apr 06, 2024, 6:39 PM UTC

jjtheblunt wrote: post #109

brogrammernot wrote: post #69

Earlier quoted context omitted.

Alright, I spent years working and building 0-1 insurance products. Let me peel back some stuff that’s been happening behind the scenes. Some officials are elected and some are appointed which all depends on the state. Appointed officials are usually more reasonable and elected are not because higher rates = mad voters = re-election chances lower. For a long time, insurers have struggled to get sufficient rate change…

I’m not seeing you motivate or justify the rate increases.

What I saw was "supply chain got more expensive so $/claim went up and is outpacing premiums".

Re: Home insurers are dropping customers based on aerial images

#120

Post by lokar » Sat, Apr 06, 2024, 6:39 PM UTC

pishpash wrote: post #78

brogrammernot wrote: post #69

Earlier quoted context omitted.

Alright, I spent years working and building 0-1 insurance products. Let me peel back some stuff that’s been happening behind the scenes. Some officials are elected and some are appointed which all depends on the state. Appointed officials are usually more reasonable and elected are not because higher rates = mad voters = re-election chances lower. For a long time, insurers have struggled to get sufficient rate change…

[flagged]

In CA, a recent batch of wild fires wiped out 20 years of profits.