Is there any ‘all-covering’ insurance that covers everything?

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Asked November 13, 2012

1 Answer

There is no such thing as an insurance policy which includes coverage for anything that might happen. Such a policy would have to take everything about your life into consideration, and the premiums for such a policy, if one existed, would almost certainly be alarmingly high. Insurance policies are based on risk, so the more risks that are covered by your policy, the higher the cost of the policy would have to be.

With car insurance, you can combine coverages to create a policy that covers just about anything. Comprehensive insurance, collision coverage and the standard liability coverages are sometimes sold as a complete package, but the fact is, even this falls short of providing everything you need. For example, if your car is still being paid for, you should pick up a GAP insurance policy on top of the "full coverage" you already have.

For homeowners, you can purchase a home insurance policy that includes everything but the perils named in the policy. This is not the same as being covered for anything which might happen, but it does protect your home against all but a few possible catastrophes. You could still be left out in the cold if your home is destroyed by one of the named perils, unless you have purchased secondary coverage for those things, such as buying flood or earthquake insurance.

Because there are so many risks to be faced in life, no insurance policy is going to be able to protect you against them all. The idea is to purchase a policy which covers all of the most probable perils, and then back that policy up with rider policies to get coverage for the things your primary policy omits.

Answered November 13, 2012 by Anonymous

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