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You should never buy insurance.

The Expected loss with insurance is higher than without for two reasons:

* The insurance company must make a profit

* You are much more likely to go bankrupt than the insurance company. Bankruptcy limits the payout.

The only time you should take insurance is when you know something the insurance company doesn't. For example, you know how very dangerous your house electrics are, while they don't. Take that thinking too far and it's called "insurance fraud" though.

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