Explore the feasibility of allowing people to grow an HSA type of account for spends that used to be covered by home and auto insurance. Perhaps it allows people to slowly phase out of the need for insurance, or greatly reduce the coverage need over time as their account balance grows. The accounts should benefit from tax free contributions and also grow tax free. This idea doesn’t necessarily end the need for insurance companies but might redefine the structure and focus. Those just starting out in life would still need a greater safety net of insurance until they are able to grow their account, and assistance to those impacted by catastrophic weather events, etc would still need assistance. This framework allows people more control over the money they spend on insurance today, as it goes into an account they can use themselves for their needs.
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