h a l f b a k e r yBusiness Failure Incubator
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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
state
regulated, and when those regulations were relaxed prices
dropped significantly.
I was recently shocked, shocked
that there's a single!!!
insurer
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
been
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
is
self sustaining.
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Annotation:
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Why is there only one insurer? That's weird. |
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I don't know -- I'm in good old New Jersey, not in Florida or
California, either |
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this is not zoning, this is more utility regulation resulting in
monopoly |
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Is there someone regulating that you need to live in
new jersey? |
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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? |
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