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Overinsured, and feeling good about it

When I was five years old, we had a house fire. It was a pretty decent sized one, that started in the basement and burned through the kitchen floor before being put out. Thankfully, my family escaped unharmed, except for our pets (sadly). The house sustained major damage though, as did nearly all of our furnishings – if not due to fire, than due to smoke.

The fire was caused by fumes from turpentine that had been used to polish some wood that night, which made their way under the hot water heater and ignited when that went on.

My father was smart enough to have had a really solid insurance policy. This was in part due to the fact that his parent’s house had been struck by lightning when he was growing up, and they had a minor fire.

So in just one lifetime, my dad had been through two house fires, both caused by extremely rare situations.

He also practiced personal injury law for a few decades, and saw firsthand, hundreds of times, what happens when you have an automobile accident and aren’t sufficiently covered.

Not surprisingly then, I’ve always heavily insured nearly everything in my life. It amazes me that some people don’t have renters insurance, considering how cheap it is. Mine has averaged about $10 a month!

Last month, when my wife and I hired movers for our apartment to house move, I noticed on the contract that the standard insurance during a move is $0.60 per pound. So say a $2000 computer gets dropped and broken. That computer would only be insured for about $40! Pretty pathetic. Instead, we opted to pay an additional $80 which would cover us for up to $10,000 of damages based on the actual value of the item.

We recently got homeowners insurance, and also got pretty much the maximum coverage we could get there as well. The only exception is with the deductible, as sometimes a lower deductible can really increase costs, and you may not even want to make a claim for a few hundred when there’s a good chance it will increase your premium anyway.

It was a bit challenging to find quotes for homeowners insurance, as there are so many options out there. In the end we went with a local, word of mouth recommendation, but you can also check here for free insurance quotes online.


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