Pi Day + Personal Insurance: Taking A Look At The Irrational

Happy Pi Day!

Do you remember pi? Perhaps your kids celebrate Pi Day at school? Or maybe growing up your math classroom had the first 100 or so digits displayed around the room?

Besides a chance to contemplate the wonder of numbers and eat some pie, we’d like to use Pi Day to look at other irrational numbers and facts.

We all know there are risks out there threatening our homes and families. Even though we can’t prevent every loss, we can take simple actions to minimize our exposure. Yet despite all the facts, figures, and advice urging individuals to make personal risk management a priority, we often find some of the decisions made to be more on the irrational side.

The Insurance Information Institute (I.I.I.) says it well: “From password security to retirement planning to motorcycle and automobile safety, minor everyday decisions can yield big benefits—if we only stop to think about them rationally.”

Last year I.I.I. put together a useful infographic in honor of Pi Day. As March 14^th celebrates the most famous irrational number, I.I.I. encourages us to think about some irrational insurance facts and figures.

This list brings up several great reminders of insurance and risk management facts we may often overlook. We particularly like the 10^th and final item on the list:

Despite paying for homeowners/renters and auto insurance, many people do not conduct annual reviews of their insurance policy documents. Doing this can help ensure that the amount and types of insurance are in step with your needs.

Every family, homeowner, renter, and driver has a different situation. Some policies and risk management strategies are better suited for your needs versus others. But regardless, if you don’t take the time to review your policies and properly assess your risks, it’s nearly impossible to make rational decisions about your personal insurance and risk management. Not sure where to start? Reach out to your insurance advisor, they are there to help. And check out our questionnaire with 12 personal insurance coverage questions you and your family should consider.