h a l f b a k e r y
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People in the US hear about insurance companies being
allowed to sell across state lines -- for medical insurance. It
used to be the case that auto insurance was very tightly
regulated, and when those regulations were relaxed prices
I was recently shocked, shocked
that there's a single!!!
in my home state that would cover my admittedly handsome
abode. Shockingly indeed, though I have not filed a claim in
the nearly two decades that I've resided there, and have
paying seemingly ample premiums, they keep raising the
price, and surprise, there's no competition.
A quick calculation tells me that over this period I've paid a
meaningful percentage of the house's value as premiums. If
these were properly invested, as in a whole life insurance
policy, I could at some point reach a level where the policy
||Why is there only one insurer? That's weird.
||I don't know -- I'm in good old New Jersey, not in Florida or
||I would doubt there are restrictions on where you can buy insurance from. Possibly some european companies ?
||No hang on, you can't buy some things online like a Tesla car in some states. It's enough to make you think the system in the US is rigged somehow by power networks.
||Tell me this is not the first time you've come across zoning laws ?
||this is not zoning, this is more utility regulation resulting in
||Is there someone regulating that you need to live in
||I'm curious as to the legal mechanisms which suppress the
competition. I mean, if you drove across the border into, say, New
York, and there entered into a contract with an insurer based in,
say, Zurich, agreed to be governed under the laws of, say,
Delaware, with reference to your property in NJ ... then what
could your state government do about it?