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Is Home Insurance a Legal Requirement?

The short and precise answer of this question is ‘No’. You are not at all under any legal obligation to purchase a home insurance policy, but it makes good sense to protect your property against any loss or damages by fire, flood, burglary, storm, and other natural disasters. Along with this, if you have taken a loan to purchase your property, then your lender like a bank or other financial institution may ask you to have insurance of your home or property. Here are a few reasons to purchase a home insurance policy:

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  • You Do Not Want to Take Any Chance: If you own a home or property, it is up to you to protect it with a home insurance policy or not. You can take a chance not to protect your home and you can be very lucky that nothing might ever occur to your house. However, if anything happens, the expense to rebuild or repair is all yours. You must remember that something that you consider minor damage like blown off of roof tiles or broken windows can be expensive when you get them to repair. Therefore, going without a home insurance policy can prove to be expensive.
  • Understand What is Covered in Your Home Insurance Policy: If you find any home insurance policy good, it is time to understand whether it provides adequate home insurance or not. So, for the same, it is necessary to check the details of your policy very carefully and talk to your insurer regarding any doubt. Ensure that you know what is covered in your policy and what is not. Read all the small prints before finalizing any home insurance plan.
  • Underinsure Your Home at Your Risk: At the time of calculation of premium, a home insurance policy provider considers many factors. One of these factors is to understand the rebuilding cost of your house. As an owner of the property, you can be tempted in declaring a substantially lower rebuilding cost for saving money. However, this small saving can cost a lot in the future, so make sure to understand this thing as underinsurance of your property may have heavy financial consequences.
  • Do You Need Home Insurance, If You Are Renting Your Home? Again, it is up to you, however, it is always good to insurance the structure of your home at least even if you are renting it. As a landlord, you must protect the structure of your house. However, for its contents, the tenant is responsible.
  • Get an Adequate Rebuilding Cost: It is a good idea to ask for an accurate rebuilding cost of your home when you are looking for quotes for a home insurance policy. You must keep in mind that the rebuilding cost changes with time.
  • Get the Contents of Your Home Covered: When we talk about home insurance, we generally think the structure coverage. However, home insurance policies provide coverage for the contents of the house as well. Your home contains various valuable items that may range from electronic devices to your jewelry or expensive showpieces. But it is again up to you whether you want to cover them in your home insurance or not.
Home insurance

Summing it Up!

A home insurance policy can be considered a luxury if you do not require it and it is an absolute necessity if you have it. Therefore, should you purchase a home insurance policy or not is up to you. Let us understand it in this way, is it not easier for you to sleep peacefully at night when you have insurance for your home? Well, yes, you will.

Written By: PolicyBazaar - Updated: 30 September 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Bokaro, July 26, 2022
Coverage for natural calamity
I was looking for an insurance policy that provides me coverage for natural calamity. Since my house is located near a river and it floods my area in the rainy season. So i went on the Policybazaar website and particularly look for this coverage found the exact plan that provides this coverage.
Bilaspur, July 26, 2022
Premium Calculation
I was looking for a home insurance policy online. I stumblled upon the Policybazaar website and it is one of the best online platforms to purchase home insurance policy. I learned about the insurance plan i wanted to purchase and after choosing the plan and add ons i could calculate the premium using their online premium calculator. Thanks Policybazaar.
Bikaner, July 26, 2022
Natural Calamity cover
I have recently purchased a flat and wanted to cover it with a home insurance policy. I was aware of the Policybazaar website so i thought i should give it a try. I went on their website and as i wanted to cover my flat with a natural calamity cover specifically i searched for it and without wasting a minute it showed me the natural calamity coverage.
Amritsar, July 26, 2022
Enough coverage
I was looking for a home insurance plan online. I was fed up as i have to visit different websites to look for a single suitable insurance plan. However, i stumbbled upon Policybazaar website where i was able to find the right insurance plan that could provide me enough coverage.
Bareilly, July 26, 2022
Nice customer service
I wanted to purchase a home insurance policy and a friend of mine suggested to purchase it from Policybazaar. I bought the policy and after that i had a confusion regarding exclusions so i called up Policybazaar customer care and they cleared out the confusion and i loved their customer service.
Ajmer, July 26, 2022
Qiuck claim
I purchased a home insurance policy recently. However, due to a natural calamity, my house was damaged as the pressure of the water because of flood broke the enterance door of my house. But the insurance plan that i bought got me covered and i as able to get the quickest claim possible.
Delhi, July 26, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension free now.
Kolkata, July 26, 2022
Wide coverage
The home insurance plan that i purchased from policybazaar's website is a great plan that provides me coverage for not only the structure but also cover several expensive content of the home such as paintings, mobile phones, laptops, television, etc.
Ahmedabad, July 26, 2022
Suitable insurance plan
I purchased the group health insurance policy from Policybazaar website. First of all, i did not have to wander much online while lookig for a home insurance plan that fits my requirement and i found the suitbale home insurance plan by comparing different plans on the website.
Amritsar, June 09, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of >₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.