There's nothing worse than assuming you've put everything in place to protect your assets only to discover you were misguided. In the case of insurance sometimes we look to those closest to us for advice. Over the years we collect bits and pieces of information, some valid and some flawed. Use this article to fact check your own beliefs about insurance.
Sometimes friends and family members offer bad advice, including tenuous, illogical and even illegal strategies, hoping to save you a few bucks. But the eventual losses can be huge. "When people shop for insurance, a lot of times they're looking for the best deal," says Ron Reitz, an independent insurance adjuster and president of Quality Claims Management in San Diego. We asked some insurance veterans about the bad advice they've heard over the years. Here's what makes them cringe.