Under-insurance is insufficient insurance coverage, which imposes on the insured a large part of the total loss or cost and can lead to financial hardship.
If the homeowner is half-insured and the home suffers significant damage, the insurance premium may not be enough to repair or replace it.
Similarly, inadequate health insurance can lead to medical debt and even bankruptcy in the event of a serious illness or accident.
Homeowners insurance rates are rising. Finding competitive offers can save you money.
It is important to set aside money for deductibles and co-payments for health insurance so that necessary treatment is not delayed for financial reasons.