Having an appropriate and effective home insurance policy in place can give you peace of mind and means that you’re protected should any unforeseen disasters impact your property. Despite this, some people still decide not to take out a policy. We’ll take a look at some of the most common reasons used to justify this and why these excuses aren’t worth the risk.

Excuse 1: I’d Rather Save Money

This is perhaps the most common excuse for not taking out insurance and the motivation behind it is easy to understand, but the numbers don’t add up. Unfortunately, a single major incident is likely to more than wipe out any savings, making this an incredibly risky financial strategy.

It’s far better to focus on saving money in safer ways and, if you feel like you’re paying over the odds for your insurance, check whether you could get a better deal from another provider. This will allow you to save without the risk.

Excuse 2: I Don’t Have Time and Insurance is Confusing

You might expect arranging your home insurance to be overly time-consuming or find it so confusing that you don’t know where to start. Fortunately, this doesn’t reflect the reality of modern home insurance, which, for most people, is now quicker and easier to arrange than ever.  You’ll likely be able to complete the entire process with your local independent agent without even having to go into their office.  By choosing a reputable independent insurance agency, you will be given all of the support and guidance you need to get your policy in place without any uncertainty or unnecessary confusion.

Excuse 3: My Home is so Safe That I Don’t Need Insurance

It can be tempting to tell yourself that nothing bad will happen so you don’t need to worry about insurance, but it’s easy to underestimate the risks we all face. Even those in low-crime areas still face other risks such as fires and floods, and it’s impossible to know with certainty what the future holds, meaning that it’s wise to prepare for all eventualities.

It’s also worth remembering that the level of risk your home faces impacts your insurance premiums, so if you’re in a low-risk area you’ll be able to get a better deal, meaning that it won’t cost too much to get the full protection that insurance offers.

Excuse 4: I Can Just Pay for Repairs Myself

Rather than thinking about the savings they could make not paying for insurance, some people focus on what they already have, using their savings and investments to justify their lack of coverage. This is another risky strategy, however, as it's very easy to underestimate what they need to pay should something untoward happen.

The cost of repairing or even rebuilding your property if needed can easily run into the tens or hundreds of thousands, with the cost of replacing any damaged or destroyed personal possessions bumping this up even further. If you have a higher net worth, your property likely reflects this, meaning that you have even more reason to make sure you’re covered.

Excuse 5: I’ve Not Been Insured Before

If you’ve never had insurance in place before, it can be easy to continue like that, especially if you’ve never been in a situation where you would have made a claim. This good fortune isn’t guaranteed to last though, and isn’t a reason to avoid preparing for the future.

When you’re uninsured, decades of good luck can be wiped out by a single disaster, meaning that it would be wise to make sure you’re covered sooner rather than later.

Making The Smart Choice

Regardless of what reasons and excuses you can find, not having a homeowner’s insurance policy in place means taking a big risk and making a decision that you will regret should happen to your home. It’s much better to take the smart and safe option and make sure that you’re covered.