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10 Types of Insurance You Don’t Need

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In this world, risks are inevitable, and that’s why we have insurance: to mitigate risk. For the price of a premium, you transfer some of your risk to the insurance company; in return, you receive a payout if a problem occurs. The goal is to reduce your exposure to a sudden and potentially catastrophic loss, thus protecting your financial foundation and that of your loved ones. It sounds good, in theory, but some forms of insurance are unnecessary or may not be worth the cost.

To save money, you could self-insure, to some extent, by redirecting some dollars to your emergency fund to use if a loss occurs. “If a person…

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