Mila Araujo was last updated on October 28, 2021.
Emily Ernsberger and Eric Estevez checked the article for accuracy. Check out all Self-Insurance: What is this?
When should a person buy their own insurance?
Self-Insurance: How does one pay for their own insurance?
Examples of Self-Insurance Uses Before deciding whether or not to use self-insurance, understanding what insurance is all about is helpful.
Utilizing a variety of strategies that will assist you in assessing your circumstances and determining whether self-insurance is suitable for you will help you save money on insurance premiums.
When you do not have a risk-covering insurance policy, you are self-insured.
Self-insurance is a good idea when people have enough money to cover a possible loss.
If you are unable to completely self-insure, you may want to set aside enough money to pay less for your auto or home insurance by increasing the deductible.
