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Insurance regulation in the United States is at a crossroads. It used to be a given that the insurance industry would resist efforts to move away from state-based approaches toward regulation—but no more. Some now favor a greater role for the federal government, while others oppose calls to transition to a federal system. In any case, might not a competitive and innovative system of free-market insurance be preferable to best serve the interests of consumers?

The current debate over insurance regulation is increasingly a struggle between competing interest groups and opposing ideologies about the proper scope of government—a conflict that affects individuals’ decisions about how much risk to undertake, whether those decisions involve driving a motorcycle in dense urban traffic or building a home in a flood, fire, hurricane or other high-risk zone.

But what types of reforms would best serve the interests of consumers? And what lessons can be learned from previous reform efforts?

In Risky Business: Insurance Markets and Regulation, edited by Lawrence S. Powell, leading scholars in risk management address some of the most important questions about the future of insurance regulation and the potential for market-based alternatives. The book examines not only the impetus behind various reform proposals, but also the historical development of insurance regulation in the United States. In so doing, Risky Business examines alternative regulatory and deregulatory frameworks used in the United States and in the European Union, and whether such options are beneficial or not.

ips on homeowners insurance

Things you need to know about home insurance, including picking the right insurer and getting the proper coverage.

In Lesson 19

Glossary

Take

the test

Top things to know

Why insurance costs so much

Value your home properly

Getting the proper coverage

Picking an insurer

Maximizing your savings

A few words about claims

Money 101 Lessons

Setting priorities

Making a budget

Basics of banking and saving

Basics of investing

Investing in stocks

Investing in mutual funds

Investing in bonds

Buying a home

Controlling debt

Employee stock options

Saving for college

Kids and money

Planning for retirement

Asset allocation

Hiring financial help

Health insurance

Buying a car

Taxes

Home insurance

Life insurance

Estate planning

Auto insurance

401(k)s

1. You're a statistic.

To an insurer, you're not a person; you're a set of risks. An insurer bases its premium (or its decision to insure you at all) on your "risk factors," including your occupation, who you are, what you own, and how you live.

2. Know your home's value.

Before you choose a policy, it is essential to establish your home's replacement cost. A local builder can provide the best estimate.

3. Insurers differ.

As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.

4. Don't just look at price.

A low price is no bargain if an insurer takes forever to service your claim. Research the insurer's record for claims service, as well as its financial stability.

5. Go beyond the basics.

A basic homeowners policy may not promise to entirely replace your home.

6. Demand discounts. Insurers provide discounts to reward behavior that reduces risk.

Americans waste money every year because they forget to ask for them!

7. At claims time, your insurer isn't necessarily your friend.

Your idea of fair compensation may not match that of your insurer. Your insurer's job is to restore you financially. Your job is to prove your losses so you get what you need.

8. Prepare before you have to file a claim.