1. Underestimating your insurance needs
Every since our Founding Father Benjamin Franklin organized the first American insurance company, the Philadelphia Contributionship, way back in 1752, the insurance market has grown into a $1.28 trillion a year industry.
In the modern world, you can get insurance for almost everything, health insurance, life insurance, car insurance, home insurance‒you name it. Having at least some insurance can be a vital safety net for the unpredictability of what life can throw at you, and your bank balance.