Like others, I agree with some and disagree with some. Here are a few observations...

Auto collision- if you have a late model car, carry the collision coverage. Otherwide, you may not be able to afford the repair. If you have an older car, the car may not be worth repairing anyway. Your lender or lessor will require collision because the car is their investment as well as yours.

Auto medical- In many places it works more quickly that your personal medical policy. It is especially important if you have no medical insurance.

Flood insurance- almost all cities have areas designated as a flood zone. If you own your house outright, you don't have to carry it. But if you live in a flood zone, your lender will require that you carry it. And it ain't cheap. Here in my community we have an arroyo that runs from the southeast part of town to the northwest part of town. It eventually empties into the Pacific. Houses that back up to the arroyo are required by the banks to carry this insurance even though the 100-year-flood will not endanger their house! The arroyo is about 50 feet down its embankments. In 23 years here, I have never seen it deeper than about 10 feet, and that was in record flooding.

Mortgage Life Insurance- Instead of this, get a 30-year term policy to protect your mortgage. The rates are low right now. With this policy the beneficiary will be your spouse, your children, or whomever you designate. That person can pay off the mortgage after receiving the funds if you should die. No sense in the money going directly to the bank. Besides, the benefit may be greater than the balance on the mortgage.

Scheduled property- This is a tough one. It is often used for jewelry and fur. Some policies will not cover everything under personal property. Read the fine print. If you have fancy jewelry that you seldon wear, put it in a safe deposit box at your bank, and the jewelry endorsement will not be needed. And it will be safer.

Low deductables are very expensive. I advise my clients to get a $1,000.00 deductable. It is more initially out of pocket, but it is a small amount compared to what the insurance will cover for you.

I believe people should get an insurance agent they can be comfortable with. Make sure that he or she can explain your coverage adequately. Don't go online looking for the cheapest rate. Make sure that the coverage will take care of what you need it for. If your auto coverage is the bare minimum, don't hit a Mercedes or BMW.

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