By eliminating personalization you’re doing the same thing - removing price as a signal.

It’s good when insurers personalize! Install screens to prevents embers from entering roof vents? Great. You should get a discount!

It’s a win-win. Consumers are incentivized to take measures to reduce risk.

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HPsquared a year ago | parent | next [-]

A lot of the "big boy" insurance on ships etc actually have inspectors - they'll come and inspect your ship (or industrial plant etc) periodically to confirm it meets the agreed safety standards. And if it doesn't, no insurance! That really aligns incentives.

	▲	refurb a year ago \| parent [-]
		This is a good point. You also have insurance companies that will incentivize risk reduction by subsidizing alterations - if you clear any trees within X ft of home, they will give you $1000 towards it. But yes on the inspections. I’ve had home insurance inspections around electrical and plumbing. They wanted to make sure it was at code as it was an older home.

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kristjansson a year ago | parent | prev [-]

And this is exactly what the new agreement b/w the insurance commissioner and providers does. Which went into effect ... Jan 1, unfortunately.