Final answer:
Sophia should consider her needs and potential risks when deciding on cancelling insurance policies. Health, car, and home insurance cover essential and often legally required aspects, while life insurance is important for dependents' financial future. If Sophia has no dependents, she might prioritize cancelling life insurance first.
Step-by-step explanation:
When considering which insurance policies Sophia might consider canceling first, it is important to analyze the potential risks and benefits of each policy. Health insurance is crucial as it covers essential medical care which can be prohibitively expensive without coverage. Car insurance is not only important for automobile accidents but also typically required by law. For homeowners, home insurance is important to protect their property against theft, fire, and other damages. However, life insurance primarily serves as a financial safety net for dependents after the policyholder's death; if Sophia does not have dependents or other financial obligations that would require this coverage, it might be the first she could consider canceling. Of course, each decision should be made after careful consideration of her particular circumstances, and potential long-term consequences.