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Home insurers are dropping customers based on aerial images

wsj.com

671–680 of 712 posts

Re: Home insurers are dropping customers based on aerial images

#671

Earlier quoted context omitted.

The solution seems to be to remove the insurance mandate, and allow purchasing insurance across state lines. That way two locked-in markets are opened to more competition.

What insurance mandate?

Any insurance mandate.

Re: Home insurers are dropping customers based on aerial images

#672

Earlier quoted context omitted.

Reminds me of a few years back when my dad tried to get ATT DSL for my grandpa’s house. ATT told him they couldn’t find his address with their system. My dad reminded ATT they had a landline through ATT for fifty years. “Sorry, different system.” Got cable internet instead.

This is curious. Is it because they hadn’t upgraded the lines out to the residence? I had always understood DSL used existing phone lines.

From the context it's nothing to do with the technology, it's the bureaucracy refusing to accept they already have the address.

Re: Home insurers are dropping customers based on aerial images

#673
post #311

Earlier quoted context omitted.

Haha, by your reckoning why not monitor all comms for any lies? This is why we can’t have nice things. We are walking into a new Robodebt scenario run by AI - it’s all too much living in a constant state of surveillance and it’s not a world I want to live in.

I don't represent any view point on the law just telling you how it is. There's always multiple competing priorities. Ultimately not a politician so it doesn't really matter what I think. If we're talking morality I don't see how it's moral to ask the law to protect you from being found out doing the wrong thing. If these people don't pay their fair share the rest of us have to pay more. What if a law change prevents…

We have communities which can manage their own local issues internally - rather than aerial surveillance tech and AI keeping watch of our every move. We all know this will be used for minor infringements and revenue raising, more paperwork and more red tape. Like I said, by your token, monitor all comms and detect lies and infringements. Ban blinds and curtains too so we can get changed in public view.

Re: Home insurers are dropping customers based on aerial images

#674
post #311

Earlier quoted context omitted.

Haha, by your reckoning why not monitor all comms for any lies? This is why we can’t have nice things. We are walking into a new Robodebt scenario run by AI - it’s all too much living in a constant state of surveillance and it’s not a world I want to live in.

I don't represent any view point on the law just telling you how it is. There's always multiple competing priorities. Ultimately not a politician so it doesn't really matter what I think. If we're talking morality I don't see how it's moral to ask the law to protect you from being found out doing the wrong thing. If these people don't pay their fair share the rest of us have to pay more. What if a law change prevents…

[deleted]

Re: Home insurers are dropping customers based on aerial images

#675

Earlier quoted context omitted.

Don't give aussies any ideas, they tried to make mathematics illegal. Sometimes they take the worst aspects of the british and americans and make it their own

By far the worst thing we have is lack of protection on whistleblowers. There's multiple facing decades in jail right now. Even a change in governments didn't stop the prosecutions

By far the worst thing is what we don’t have: a bill of rights.

Re: Home insurers are dropping customers based on aerial images

#676

Earlier quoted context omitted.

Effectively removing the ability of states to regulate businesses in their own jurisdiction.

How is it different from someone outside CA buying Google ads?

It's so completely and utterly different that I'm not even sure what comparison you're making.

Re: Home insurers are dropping customers based on aerial images

#677
post #592

Earlier quoted context omitted.

You are entitled to find your own home insurance, you do not have to use the bank's choice.

Is that really an option when there are another dozen people bidding on the house though? (I haven’t been through the home buying process yet)

I’ve been through the process once, so I’m certainly not an expert.

My guess is that it probably would have been possible. At that point, we’re already under contract (which means our offer has been accepted), and finalizing the loan and home owner’s insurance was part of closing.

The reason I didn’t dig into it too much at the time is I figured that the bank was probably a more sophisticated purchaser than I would have been, especially given the time pressure of needing to make a (reasonably) quick decision.

So I decided that, despite my immense annoyance and not being able to see the homeowners insurance agreement before the closing was complete, that I’d accept the bank’s choice, and use my first year of homeownership to learn the contract and decide if I wanted to change carriers.

Re: Home insurers are dropping customers based on aerial images

#678

Earlier quoted context omitted.

Demanding an inspection is a process that can be organized and scheduled around. Your friend brings over a trampoline for Timmy's birthday party, you can take the risk of injury with no intent to claim on insurance. You can remove it before inspection. Now you get pinged out of the blue by a satellite. Adults don't need constant supervision. Should you believe they do, why not leave a multi-camera drone above your su…

You can remove it before inspection Yes, if they do a scheduled inspection, it is easier to defraud them.

A trampoline used with no injury, is not defrauding the insurance company.

Re: Home insurers are dropping customers based on aerial images

#679

Earlier quoted context omitted.

The insurance paradox. If you can price every risk precisely, meaning the variance on your prediction is zero, there's no point to insurance because it would be the same as a savings account. There's no pooling of risk at all.

Even if you know the probability of an event precisely, you still don't know if it will actually occur. And even if you know it will actually occur, you still don't know when, so insurance still provides diffusion over time.

There is no "diffusion over time" with variable premia and short terms. Insurance companies already know the probability of an event within a risk pool over a term. That's not what this is talking about. They are looking to condition on more and more information so as to slice a risk pool towards a 0-1 risk, which, because they are positive EV, will make their profit more and more certain. They are looking to eliminate the negative tail, the existence of which is the whole point of paying out that positive EV.

In the end, this is going to happen. Insurance companies will be soothsayers and get paid for essentially making advisory predictions, not offloading risk, while society will have to agree to bear the cost of known outcomes over which people generally have no individual agency.

Re: Home insurers are dropping customers based on aerial images

#680

Earlier quoted context omitted.

Demanding an inspection is a process that can be organized and scheduled around. Your friend brings over a trampoline for Timmy's birthday party, you can take the risk of injury with no intent to claim on insurance. You can remove it before inspection. Now you get pinged out of the blue by a satellite. Adults don't need constant supervision. Should you believe they do, why not leave a multi-camera drone above your su…

I'm sorry but this comment makes no sense. Where did you get that insurance companies are now "surveiling you 24/7"? If my insurance goes up, and it has, because of people defrauding insurance companies then I would fully expect my insurer to protect their bottom line and my rates by dropping those customers playing unfairly. What I don't agree with is insurance companies punting the decision making process to an alg…

It was a rhetorical question. Why not increase surveillance to 24/7.

There is no defrauding going on. You don't own someone's behaviour or property simply because you "insure" them.

You get to reject claims and put your opinion on what "fraud" is, through the proper channels.

Taking photos and dropping customers is going around the proper channels and tyrannizing your customers.

How that is not obvious to everybody involved, is beyond me.

Drop the pretense and install a command economy again like the 1940s. You are leaning in that direction anyway.

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