5 Home Insurance Excuses That You Should Avoid

Home insurance is one of the first few things that you should purchase after buying a home. We all want to protect and insure our precious homes and cover a range of expected and unexpected costs. While these costs can burn a hole in your pocket, having a home insurance policy comes handy to safeguard your finances.

Despite the importance of a home insurance cover, many individuals delay or postpone buying one. It is not advisable as perils come unannounced and can leave you in a financial turmoil. In this article, we have compiled some of the common excuses that are prevalent to avoid buying a home insurance cover.

Excuse 1: I am a tenant and don’t own this place

Not everyone owns a home of their own. Some individuals live in rented accommodation and contest that since they pay the rent, they do not need to purchase a home insurance policy. While the rent you pay is for the agreement to live, you can buy an insurance cover for all your home appliances. These appliances can be insured using the content insurance offered by most general insurance companies. This insurance can also be purchased for your accommodation at the time of online policy renewal. On the other hand, you must enquire with the landlord for any structure insurance in place.

Excuse 2: We take all safety measures and don’t need a home insurance cover

We all care for our homes where we reside. Thus most individuals refute any hazardous actions damaging the structure of the house. But accidents do not occur with an alarm. So why wait for an accident to insure your house. The adage, prevention is better than cure rightly justifies this sentiment of having a safety net of home insurance cover well in advance.

Excuse 3: I cannot afford home insurance

Since the standard of living has increased, your necessities might require a higher income. Between this, any additional costs like home insurance may seem like a burden, but fret-not. Not all policies are expensive. Some plans that offer necessary coverage are affordable and pocket friendly. Moreover, using a home insurance premium calculator before finalising your purchase can help you select an economical alternative and will be easy on your wallet.

Excuse 4: I do not have the time to figure out everything

Time constraint is one of the most common excuses to defer the purchase of a home insurance policy. While it may seem futile initially, you realise the importance of an insurance cover only when you have to pay for reconstruction or repair costs. So instead of deferring the purchase, make time from your busy schedule to find some affordable options. Leading insurance companies have tools to identify your needs and suggest suitable plans for your home.

Excuse 5: I will bear the cost myself 

Life is uncertain. You never know which peril may damage your home and leave you without one. Your current financial situation may make it an expense that you can bear, but the future is always uncertain and unclear. So financial planning for your future helps to be prepared for these unexpected circumstances.

To conclude, don’t fall in the trap of these excuses and get a home insurance cover in time. It will not only save your bank account but also have peace of mind.