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For most, insurance is a lifeline. It is the assurance we carry around with us that if a tragedy occurs, we have a safety net. But is it possible to purchase a safety net that is too big? Nobody wants to pay for something they don’t need, so how do you determine how much is enough?

Do You Have Too Much CoverageMost of us are in fear of losing what we have. We want to protect our home, our family and our belongings as much as we can. Therefore, we pay hundreds or thousands of dollars in insurance premiums on the off-chance that a tragedy may hit at any moment. So where is the balance? How can you be sure you’re taking precaution without going overboard?

The answer is fairly simple to determine. The purpose of insurance is to make you whole after an incident, not to make you profit. Any time the limits of your insurance policies exceed the dollar values actually at risk of loss, you should talk to your insurance agent about possible readjustments.

Most people have four types of insurance, Auto, Home, Health and Life.

AUTO: Adequate coverage is one that would repair or replace the cost of your car, as well as pay medical bills for yourself and the other individuals involved if you are at fault in an accident. If you own an inexpensive vehicle, you may be sufficiently covered with a liability policy alone.

HOME: Homeowners insurance is a necessity because the mortgage companies require it and because your home is most likely your largest asset. Your homeowners insurance should cover the cost it would take to rebuild your home.

HEALTH: While health insurance is important, low deductibles and all the fancy coverage is not necessarily required. Consider your health and the age of your family. If you’re generally healthy and don’t have any serious illnesses, you can probably go with a little less coverage than those more likely to have medical problems.

LIFE: When you are young and have responsibilities, such as a family, life insurance makes sense. A simple term policy can be inexpensive, and if you were to die unexpectedly, your wife and kids would be provided for. But as you get older, the premiums increase and the benefits can decrease. You have to decide at what point the cost is simply not worth it anymore.
 
Insurance was invented for the “What-ifs” in life. Betting on tragedy is never a good bet, but that doesn’t mean you don’t need insurance at all. Of course, you need insurance but it is important to assess what your actual risks are to be sure you’re adequately covered, but not over insured.


By Matt Reynolds - Google+
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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
Fax: 502-933-5057
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