MInTheGap

Insurance is a funny product– for it is only used when something bad happens. There are multiple types of Insurance, and I’ve had some experience with each kind.

I have Car insurance on my car– which is a good thing. In 2001 I totaled my two-door Saturn SC2. Fortunately, I still had some good insurance on it, so when I called the Insurance agent, they came, assessed the damage, and sent me a check based on their findings. This helped me purchase a new SC2 a few months down the road.

I picked up Home insurance when we moved from an apartment to our house. What’s neat is that, for us, it’s bundled in an escrow account with our mortgage payments, but it’s good to know that it’s there in case something were to happen to our house or the contents. Did you know that they generally price house insurance at the price it would take to completely rebuild it out of existing materials, not new materials?

I have life insurance through my company and in a separate policy. The rule of thumb is that you should have five years’ salary as insurance– especially if you’re the sole income provider for your family.

The last kind of insurance that I’ve had some experience with is travel insurance. The church that I grew up takes a missions trip to Haiti every January to help out a mission there. Every time the Pastor goes, my dad the treasurer makes sure to take out travel insurance in case he doesn’t make it back. It’s relatively cheap and has a big payout (less risk).

How about you? What experience have you had with insurance?

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