overinsuring
Too much protection
Overinsuring is purchasing more insurance coverage than necessary—insuring something for more than its actual value or buying redundant policies.
The practice wastes money on premiums without providing additional benefit, since insurance payouts typically cannot exceed actual losses: They were overinsuring the property by about thirty percent.
Preferring safety over uncertainty
- prudentExercising sound judgment
- conservativeCautious about altering customs
- hedgingNoncommittal maneuvering
- defensiveProtective or easily threatened
paranoid · anxious · fearful · worst-case · catastrophizing · overprotective · double-checking · hypervigilant
Partial coincidence of coverage
- stackingPlacing items vertically
- oversaturatedExceeding maximum concentration
- belt-and-suspendersRedundant precaution strategy
- overkillUnnecessary additional effort
Rated beyond actual worth
- gold-platedSurfaced with precious metal
- ridersThose who mount animals
- endorsementsFormal declarations of support
- add-onsOptional extra features
Spending beyond fair value
- squanderingReckless depletion of resources
- overspendingExceeding one's budget
- misallocationImproper distribution of resources
- uneconomicalNot worth the cost
risk-averse
Preferring safety over uncertainty
- prudentExercising sound judgment
- conservativeCautious about altering customs
- hedgingNoncommittal maneuvering
defensive · paranoid · anxious · fearful · worst-case · catastrophizing · overprotective · double-checking · hypervigilant · overcompensating
overlap
Partial coincidence of coverage
- stackingPlacing items vertically
- oversaturatedExceeding maximum concentration
- belt-and-suspendersRedundant precaution strategy
overvalued
Rated beyond actual worth
- gold-platedSurfaced with precious metal
- ridersThose who mount animals
- endorsementsFormal declarations of support
overpaying
Spending beyond fair value
- squanderingReckless depletion of resources
- overspendingExceeding one's budget
- misallocationImproper distribution of resources