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How Insured Are You?

In the spirit of Cap’s (Stop Buying Crap) What’s In Your Wallet, I wonder how much insurance you all have of (coverages), how much you’re paying, and who it’s with? Some useful statistics (since your level of insurance will depend on what you’re protecting) are that I’m 25 (nearly 26), have a three year old car and own my home.

Auto Insurance: $696.60/yr for $100k/$300k in Bodily Injury Liability, $100k in Property Damage Liability, $2.5k in Personal Injury Protection, and $20k/$40k in Uninsured Motorist Bodily Injury and $100k Uninsured Motorist Property Damage. Policy is with Geico.

Homeowners Insurance: $671.00/yr for $300k Personal Liability and $300,000 for the “dwelling,” other structures, personal property and loss of use. Policy is with Traveler’s.

Health Insurance: I have vision and dental at $7/mo and my health insurance is a unique policy with Lumenos where I get $1,500 a year for medical expenses and then I pay the entirety of the next $2,000 in expenses out of pocket and then 10% of anything in excess of $3,500 annually in medical expenses. The initial $1,500 accrues each year and covers the “bridge,” that $2,000 I would owe out of pocket. I pay $20/mo for this.

The plan is a little confusing but let me illustrate with a $10,000 medical bill.
1. First $1,500 is entirely covered by insurance.
2. Next $2,000 I pay out of pocket.
3. Of the remaining $6,500, I am responsible for 10%, or $650.

Total expenses is $2,650. There is a cap in there somewhere but I’m not entirely sure what it is (I read it last July)

In year two, if I didn’t use any of my Year 1’s $1,500, then I only pay $1150 out of pocket (the $1,500 from Year 1 covers the #2 charges of $2k).

I pay a total of $1691.60 in insurance premiums a year. (And no, I haven’t actually signed up for umbrella insurance yet)

If you’re a blogger and post how much in premiums you pay per month, leave a comment or email me [3] and I’ll link to you below.