Insurance

April 19, 2010

One thing I can do without is insurance.  The concept of insuring your possessions in flawed because it’s based on the idea that you should have lots of things that you think are valuable, and that your life would be devastated if they were lost.  The insurance is sold as a means to protect you from this devastation.  Also the idea that you do not have enough money to replace that which could be lost.

I prefer to save up money so that I can replace things if they are lost, a situation that very rarely happens anyway.  Keep fewer things around, so that replacing lost items is easier.  Keep only what you use, and what you love (which cannot be replaced at any price).

Insurance makes sense for health, and also for real estate.  But not for things like TV, car, and other consumer items that can be repurchased from savings if the need arises.

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