Abstract

http://ssrn.com/abstract=1687909
 


 



Reevaluating Standardized Insurance Policies


Daniel Schwarcz


University of Minnesota Law School

October 5, 2010

University of Chicago Law Review, Vol. 78, p. 1263, 2011
Minnesota Legal Studies Research Paper No. 10-65

Abstract:     
This Article empirically debunks the common claim that homeowners insurance policies do not vary across different insurance carriers. It demonstrates that different carriers' homeowners policies differ radically with respect to numerous important coverage provisions. It also reports that a substantial majority of these deviations produce decreases in the amount of coverage relative to the presumptive industry standard, though some deviations increase coverage. Additionally, the Article describes the surprising absence of any mechanisms by which even informed and vigilant consumers could comparison shop among carriers on the basis of differences in coverage. It closes by reviewing various regulatory and judicial options for responding to this lack of transparency in homeowners insurance markets. It also considers the broader theoretical implications of the findings for regulatory theory and scholarship on standardized form contracts.

Number of Pages in PDF File: 88

Keywords: Homeowners insurance, insurance, personal lines, transparency, state regulation, standard form contracts

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Date posted: October 6, 2010 ; Last revised: November 29, 2011

Suggested Citation

Schwarcz, Daniel, Reevaluating Standardized Insurance Policies (October 5, 2010). University of Chicago Law Review, Vol. 78, p. 1263, 2011; Minnesota Legal Studies Research Paper No. 10-65. Available at SSRN: http://ssrn.com/abstract=1687909

Contact Information

Daniel B. Schwarcz (Contact Author)
University of Minnesota Law School ( email )
229 19th Avenue South
Minneapolis, MN 55455
United States
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