As much as you'd like to escape insurance costs, your premiums are actually a smart way to manage risk and protect your financial well-being.

While the chance of an accident or catastrophe may be small, without insurance, you'd have to come up with signicant amounts of money on your own to rebuild your home if it burned to the ground, fix your car following a traffic accident, or have life-saving surgery.

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Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].