Should you or should you not take out insurance?

Imagine a person named Joe whose house and contents are worth US$300,000. To be adequately prepared for his house burning down, our fictitious personality Joe needs to have at least the same amount of money on hand if he wants to be able to get his house rebuilt or repaired. He must have more if he wants to be able to provide for his and his family’s living expenses while the rebuilding or repairs are underway.

Let’s say that Continue reading →