overinsured
Too much coverage
Overinsured describes having more insurance coverage than necessary to replace or compensate for potential losses.
Someone who is overinsured pays premiums for protection they'll never fully use, since insurance policies typically won't pay out more than the actual value of what's lost or damaged.
After downsizing, we realized we were overinsured on the house by nearly $100,000.
Financial advisors often warn against being overinsured as a waste of money.
Preferring safety over uncertainty
- conservativeCautious about altering customs
- prudentExercising sound judgment
- cautiousCareful to avoid risk
- waryGuardedly alert
guarded · vigilant · circumspect · defensive · hedged · safety-conscious · worried · anxious
Insured past necessity
- overprotectedGuarded to excess
- double coverageTwo-layer safeguard system
- overprovisionExcessive resource allocation
- superfluousExceeding what suffices
overkill · overabundance · saturation · blanket coverage · gold-plated · cushioned
Spend beyond means
- squanderUse up carelessly
- wastefulUsing resources carelessly
- inefficientPoor at using resources
- misallocatedImproperly distributed or assigned
money pit · overpriced · extravagant · profligate · throwing money away · misspent · uneconomical
risk-averse
Preferring safety over uncertainty
- conservativeCautious about altering customs
- prudentExercising sound judgment
- cautiousCareful to avoid risk
wary · guarded · vigilant · circumspect · defensive · hedged · safety-conscious · worried · anxious · paranoid
overcovered
Insured past necessity
- overprotectedGuarded to excess
- double coverageTwo-layer safeguard system
- overprovisionExcessive resource allocation
superfluous · overkill · overabundance · saturation · blanket coverage · gold-plated · cushioned
overspend
Spend beyond means
- squanderUse up carelessly
- wastefulUsing resources carelessly
- inefficientPoor at using resources
misallocated · money pit · overpriced · extravagant · profligate · throwing money away · misspent · uneconomical
overinsuredunderinsured
Lacking sufficient coverage
uninsured · underprotected · uncovered · exposed · vulnerable