If we don’t insure something or if we under-insure, will someone still compensate us for full damage or loss?

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Insurance is your only protection against damage or loss. If you under-insure, you will be under-compensated. If you over-insure, you wasted money. That’s another reason LumpSum is so good–it covers everything up to $3,000 per unit/set without your having to list anything or guess at their replacement values.