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auto insurance quotes oklahomaThe destructive hurricane season came just as Congress began to consider the reauthorization of the National Flood Insurance Program NFIP, a federal system of subsidized flood insurance created to fill a void left by private insurers in the 1960s. Extreme weather events such as these illustrate the need for such a program and . We investigate the cost of legal restrictions on experience rating in auto and home insurance. The cost is an opportunity cost as experience rating can mitigate the problems associated with unobserved heterogeneity in claim risk, including mispriced coverage and resulting demand distortions. We assess this cost through a counterfactual analysis in which we explore how risk predictions, premiums, and demand in home insurance and two lines of auto insurance would respond to unrestricted multiline experience rating. Using claims data from a large sample of households, we first estimate the variance covariance matrix of unobserved heterogeneity in claim risk.