I never realized how over-insured I was with the "gold" level from Meloche-Monnex. It basically insured a bunch of possessions I don't even own, and included some fancy frills I'd never use. Plus, I had sewer back-up insurance on a house that sits on a slope at least 6 feet above street level, hasn't flooded yet in its 40 year history, and which has a basement and contents that are hardly worth replacing.
I finally smartened up today. I called in to reduce my coverage down to "bronze", and upped my deductible from $2000 to $10,000. I'll be covered if the house burns down (explodes, has smoke damage, gets taken out by a tree, etc...), but I don't need hand-holding or financial assistance for those unlikely minor catastrophes like a hail-damaged roof or replacing some flooring after a dishwasher flood. And now I avoid the certain loss of almost $300 a year, not to mention the premium increases that I'd see if I ever actually made a claim. I've cut out the middle man for handling the small problems, and I feel like this is a level of coverage that is a MUCH better reflection of my DIY skills, bare-bones possessions, and (relatively) deep pockets. This is for a house valued at about $400,000.
What do you pay for home insurance?