Insurance is something people often forget about until they need it. National Insurance Awareness Day, on June 28, encourages people to review their insurance policies, such as home, renters, auto, health and life insurance, to make sure they understand their coverage. Taking a little time to check policies can help avoid surprises and provide peace of mind.
History of National Insurance Awareness Day
The idea of sharing risk is ancient. Merchants in ancient China and Babylon spread goods across multiple ships or used agreements to reduce losses. The Code of Hammurabi, from around 1750 BC, included provisions related to loans and shipping losses.
Modern insurance developed in Europe. In the late 1600s, merchants and ship owners met at Edward Lloyd's coffeehouse in London to arrange marine insurance, leading to Lloyd's of London. After the Great Fire of London in 1666, fire insurance companies were created.
In America, Benjamin Franklin helped found the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire in 1752, one of the first successful insurance companies in the colonies. Who created National Insurance Awareness Day is not documented.
Why National Insurance Awareness Day Matters
Insurance helps protect people from large financial losses after accidents, illnesses or disasters.
Reviewing policies regularly can help people make sure coverage still fits their needs after life changes, such as moving, marriage or having children.
Understanding insurance terms, such as deductibles and premiums, helps people make informed decisions. This page is general information, not financial or legal advice.
Insurance awareness is also important before disasters strike. Many people discover gaps in their coverage only after a flood, fire or accident. For example, standard homeowners policies often do not cover flood damage. Reviewing policies ahead of hurricane and wildfire seasons can help families prepare.
How to Celebrate National Insurance Awareness Day
- Review policies: check what your insurance covers.
- Update information: report life changes, such as a new address.
- Make an inventory: take photos of belongings for home or renters insurance.
- Learn the terms: understand premiums, deductibles and coverage limits.
- Ask questions: talk to a licensed agent or your insurer.
Celebrating at Work, School and Home
At work, HR teams can share information about employee benefits, open enrollment and resources. In classrooms, students can learn basic financial literacy, such as how insurance spreads risk, or role-play scenarios. At home, families can review policies together, create a home inventory with photos, and talk with older children about what insurance is. For specific questions, consult a licensed professional.
Fun Facts About National Insurance Awareness Day
- Lloyd's of London began in a 1680s coffeehouse.
- Benjamin Franklin helped found a fire insurance company in 1752.
- Fire insurance grew after the Great Fire of London in 1666.
National Insurance Awareness Day FAQs
When is National Insurance Awareness Day?
National Insurance Awareness Day is June 28.
Why review insurance?
To make sure coverage still fits your needs.
What is a deductible?
The amount you pay before insurance covers a claim.
Who founded an early American insurance company?
Benjamin Franklin helped found one in 1752.