1. having insurance coverage that exceeds the actual value or need
Usage: insurance and finance

Examples

• The homeowner was overinsured, paying premiums for coverage worth twice the house’s value.
• Many people become overinsured by purchasing multiple policies that overlap.
• The car was overinsured with a policy that exceeded its market value.
• Being overinsured can waste money on unnecessary premium payments.
• The insurance agent warned against becoming overinsured on personal belongings.
• Small businesses often end up overinsured when they don’t review their policies regularly.