As an individual, I am keenly aware of deposit insurance - it’s much lower where I live, in Canada - and as such I have intentionally spread my savings among multiple banking institutions to ensure I am covered.

Am I smart for doing that? Or am I dumb for doing that, since it sounds like I should expect to be made whole regardless? Should individuals not benefit similarly? What dollar limit would you recommend the FDIC or CDIC (Canada) insure?