What's the most expensive accident that you've gotten in or seen?  Sometimes, when I am commuting to work, I will see a fender bender along the side of the road, but I know it's not that bad because insurance will take care of it.  What about the things in your house?  Are all of your prized possessions insured?

Every once in a while, you should go through your insurance policies, and make sure that they are up to date.  I recently went through mine, and realized that I was really underinsured.  It was simple to get a new policy, and if something happens I'll be able to get the stuff I need back.

What did I discover when I was looking at my policies?  What I found out is that a lot of my things weren't covered if I destroyed it or someone else in my family to destroyed it.  I got that situated with a simple phone call, and at the same time lowered my deductible level.  That way if my four-year-old crashes into the china cabinet holding the eight place setting of Aristocrat china Lenox I'll just have to pay a small deductible to get it replaced.  If something like that same china gets stolen or damaged, my insurance policy gives me the option of getting the cash value or the whole set replaced.  This is a really good option to have, because sometimes collectibles are more expensive to replace than what they are worth.

If you buy something that costs a lot of money or any sort of electronics, make sure to take pictures of it, write down the serial number, and notify your insurance company.  Keeping on top of your insurance isn't difficult if you make it an occasional task.  Planning now can prevent you from losing money in the future.