property insurance aligns an insurer's incentive with the insured and strengthens ones protection of property. One now has an ally against the state who is incentivized by skin in the game.
Austrians wrote extensively on this.
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yes but in a hard money system, the penalty of not paying a claim is pretty severe. The original statement i was arguing was the comment that insurance is anti-soverign - Im not arguing that its trustless.
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its the cost of losing clients when you can't borrow infinitely to raise them agaiin. in todays system, there's no real penalty to an insurer denying claims because they have an infinite marketing budget.
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they're an ally in the sense that they are incentivized to prevent a government or anyone else from damaging your property.
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its hard to imagine in such a centralized fiat world that we live in now but these arrangements and incentives have existed for thousands of years.
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