Insurance for Dummies

Insurance for Dummies

Every auto or homeowner should read this book--it will pay for itself in a variety of ways, especially by adjusting some deductible upward. Several years ago I started reading my policies, and was shocked at the gaps in my coverage and in one case, from a large, well known name, the paragraph that allowed them to depreciate my boat 10% a year to arrive at a value. My boat is a 2005 model, so they are guaranteeing me I have no damage insurance!

The discussion of limits is valuable, especially considering the potential court awards. I always thought I probably overinsured, however it appears my coverage is almost minimal, even though the underlying policies are at the highest limits available in most cases. Thus, the need for an umbrella and as much as you can get and afford.

He does overpitch IMO the value of an agent. I never use mine, but I'm proactive now with all policies and review them at least yearly. Frankly I don't trust them, as they cannot possibly know the contents of every underwriter's policy. This is a project for all of us--read and understand your policies--and this book is the perfect guide to get started.

If you just want an overview, and a good one at that, this is a good place to start. I was especially impressed with the section on health insurance. This edition was published before the Affordable Care Act, but it still covers Medicare surprisingly well.

So I liked the book, but one is constantly reminded that it was written by someone in the insurance business who believes in the product. The more the better. If you're looking for strategies to beat the insurance racket, the pickings are far and few.

Nevertheless, for someone who knows very little about insurance (like me), this book will bring you up to speed on the subject very quickly.