over-insure
/ˌəʊv(ə)rɪnˈʃʊə/ /ˌəʊv(ə)rɪnˈʃɔː/verb
[with object] To insure excessively; to insure for more than the real value. Also (occasionally) without object: to take out excessive insurance.
Origin
Late 19th century; earliest use found in Galaxy Magazine. From over- + insure.