The article explains in simple terms when one should or should not do it.. However, the asymmetry in knowledge on the consumer's part ( eg, knowing the 'chance

The article explains in simple terms when one should or should not do it.. However, the asymmetry in knowledge on the consumer's part ( eg, knowing the 'chance the house burns down' for his personal case from the blog ) would enable him to make rational decisions. Without this information, depending on one's risk appetite, one over or under-compensates for it. There needs to be an application - that works for the consumer - and paid by him -- that calculates his real chance - by collecting a lot of the data from him ( and others similar to him ) and providing him with his real chance. Armed with this info, the consumer can then choose to buy insurance for this scenario, and if so, what they should do...