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

Re: Home insurers are dropping customers based on aerial images

#81

Post by brogrammernot » Sat, Apr 06, 2024, 5:08 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]

Thanks for the insightful and thought-provoking comment.

Re: Home insurers are dropping customers based on aerial images

#82

Post by [deleted] » Sat, Apr 06, 2024, 5:11 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.

[deleted]

Re: Home insurers are dropping customers based on aerial images

#83

Post by sys_64738 » Sat, Apr 06, 2024, 5:13 PM UTC

antisthenes wrote: post #7

Undeclared trampolines? What kind of insurance is this? I don't remember my house insurance (or medical, or any other kind really) being this detailed. I just picked rough estimates for the value of my structure and the items inside, and that was about it? There might have also been a waiver about not doing any hazardous activities like open fires or storing chemicals on the property. It definitely wasn't this detail…

Homeowner insurance isn't just about the liability of the damage to your home from weather elements. A major part of it is liability you have to others who may have medical or other damage associated with your property. E.g. tripping over a paving stone, tree on your land falling on a neighbor's structures, dog attacks by your dog, etc.

Re: Home insurers are dropping customers based on aerial images

#84

Post by sys_64738 » Sat, Apr 06, 2024, 5:15 PM UTC

Even if you can't get insurance covering the roof, then ask for that to be an exclusion so you can get other insurance covering your home. Personal liability from lack of insurance can bankrupt you.

Re: Home insurers are dropping customers based on aerial images

#85

Post by steelframe » Sat, Apr 06, 2024, 5:25 PM UTC

I'm not sure the degree to which insurance companies are legally allowed to share information such as aerial photographs with each other.

When I worked at Google I knew a developer who was building a prototype service similar to Google Flights, except for auto and home insurance. I don't think that product ever shipped.

The dev on that team told me that a key thing they learned while doing the analysis is that the optimal strategy with auto and home insurance is to automatically switch providers whenever it's time to renew.

It could be because your current company has collected things about you that they aren't allowed to share with other insurance companies.

Re: Home insurers are dropping customers based on aerial images

#86

Post by salawat » Sat, Apr 06, 2024, 5:29 PM UTC

brogrammernot wrote: post #81

pishpash wrote: post #78

Earlier quoted context omitted.

[flagged]

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 level of risk as anyone else, which includes having things boow up in your face if you mismanage your float.

Re: Home insurers are dropping customers based on aerial images

#87

Post by 1123581321 » Sat, Apr 06, 2024, 5:34 PM UTC

doubled112 wrote: post #44

devbent wrote: post #34

Earlier quoted context omitted.

Trampolines are obscenely high risk and injuries are very common. On top of that, if a neighborhood kid comes in to your yard and breaks their leg on your trampoline, your home owners insurance is going to be involved.

Is this something we just don't worry about in Canada? Because we only pay to park at the hospital?

You still have to cover the extended medical care in Canada and they are often bigger than the initial hospital stay in the most expensive cases in either country (years-long therapy, chronic injuries, etc.)

The tortable aspect (compensation for causing personal injury) must also be covered.

Re: Home insurers are dropping customers based on aerial images

#88

Post by j45 » Sat, Apr 06, 2024, 5:36 PM UTC

danielmarkbruce wrote: post #58

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.

No one, including companies, should not be forced into contracts they don't want to enter into. In practice, you are going to find they are never arbitrarily doing it. They are doing it because the price no longer covers the cost of providing the insurance. Just like when I decide the price of X isn't worth it anymore, I stop doing the transaction. The reasonable response would be to increase the price, but in some s…

Except when those companies have lobbied to create laws to make the use of their industry mandatory.

Re: Home insurers are dropping customers based on aerial images

#89

Post by gosub100 » Sat, Apr 06, 2024, 5:40 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]

The idea of business leadership is to minimize losses, not provide a public service.

Re: Home insurers are dropping customers based on aerial images

#90

Post by chomp » Sat, Apr 06, 2024, 5:44 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…

No one said they were wrong, they just lobbed a grenade to end the conversation.