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Most Common Excuses for Not Buying Home Insurance

Houses are dreams that come true only with the abundance of consistent hard work, patience, and a lot of money. When it comes to building this haven, everything is taken care of, except for securing it for the future with a reliable home insurance policy.

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Is there a Need to Buy Home Insurance?

Generally, people have the perception that it is not necessary to buy home insurance cover. However, that is not true. Incidents of families losing their home's entire infrastructure in natural events such as a fire breakout are not rare.

A lot of effort is incurred along with copious amounts of money towards building a home, and when it comes to protecting it from natural and man-made risks, a lot of people shy away. The excuses given for such decisions not only speak of ignorance but also call for a high probability of making people vulnerable at the time of an unforeseen event.

1. I Don’t Have the Time to Buy Home Insurance

One of the most common excuses for not buying a home insurance policy is the lack of time. You might find it amusing to know that people generally tend to spend a considerable part of their life saving for their dream home and then spend a lot of time to build it, however, find no benefit whatsoever, in sparing some time to financially secure the house for the future with home insurance.

Nowadays, with a majority of the industry taking the digital route, searching for the most appropriate policy for our requirements and then buying it has become more convenient than ever. You can sit at the comfort of your home, research, and buy home insurance without having to waste any time visiting insurance companies physically.

Hence, busting the myth – it takes very little time to protect your dream home and your assets from unexpected natural and man-made risks.

2. Home Insurance is Very Expensive

Generally, buying a home insurance policy will be costly, however, that doesn’t make it an excuse to not buy a home insurance policy for protecting your expensive house and assets. Moreover, since a lot of factors determine the cost of home insurance, it will not always be expensive.

Three critical factors that affect the cost of home insurance are – Size, construction quality, and location of the house. Hence, this makes a lot of sense for the cost of big houses with premium construction, located in posh localities to be accompanied by expensive home insurance.

3. Least Concerned About Natural Disasters

A lot of people take the probability of damage being caused to their house due to the occurrence of natural disasters lightly. While this is still acceptable for people who are living in zero-risk areas, but, people having their residence in areas prone to storms, cyclones and earthquakes cannot leave home insurance as an optional buy.

Moreover, the incidents of floods, as well as cyclones, are increasing over the past few years, making it essential for people having homes in coastal areas to buy a reliable home insurance policy.

Also, a lot of other man-made events can strike the possibility of proving colossal damage to your houses such as an electrical fault, fire, civil riots, theft, and terrorist activities. In such situations, a valid home insurance policy would keep your home protected and bear all the financial assistance you would need.

4. Who will bear the Headache of the Claim Settlement Process?

This is another myth that needs to be addressed to the Indian audience at large. With the adoption of digital routes in the insurance industry coupled with a highly competitive market, Insurance companies are providing the best pre and post-purchase service via sophisticated customer care channels so that you can enjoy the benefits of your insurance policy hassle-free.

Additionally, most insurance-related processes including premium payment and claim settlement can now be executed online from the comfort of your home. Such convenience offered is enough to not let the headache of the claim settlement process become another excuse for not buying home insurance.

5. I am a Tenant, Why Would I Need Home Insurance?

In case your landlord does not own home insurance, the cost of any unforeseen damage to the property would have to be borne by you. We all know that the reason why people live on rent is to save costs or have suitable accommodation outside their city without having to the bear cost of owning a house.

However, if any substantial damage/theft is caused to the property in your presence, all the cost of repair/replacement would become your liability and you would have to pay money for something you don’t even own.

Hence, home insurance companies provide tailor-made policies for tenants to keep them covered against such unwanted situations. As the saying goes, prevention is always better than cure. So, it’s better to invest in home insurance now before it gets too late.


Well, now that the most common excuses and myths to not buy a home insurance policy have been debunked, we would suggest you still not stay away from buying home insurance for your beloved home as it will not only keep you covered financially at the time of dire need but also provide you with sheer peace of mind throughout your life so that you can enjoy the fruits of your hard work with your family in your haven happily!

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
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Bikaner, July 26, 2022
Natural Calamity cover
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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.