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Insuring Your Home? Avoid 5 Mistakes That Matter Most

Mint New Delhi

|

August 27, 2025

Be informed: the cheapest policy may have limited benefits or high out-of-pocket costs

- UDAYAN JOSHI

Over the past month, torrential rainfall has left people stranded in parts of Hyderabad and some cities in Maharashtra. These aren't isolated cases—various Indian cities and towns suffer floods every monsoon.

In the aftermath of floods, many homeowners are shocked to find their home insurance policy didn't cover flood damage to their homes or possessions. As the climate becomes more unpredictable and urban homes become more asset-rich, the gap between what people believe their home insurance covers and what it actually does is growing.

They may intend to stay protected, but most buyers unknowingly fall into certain common traps that make their policies ineffective when they are needed the most.

Here are the five most common mistakes people make when buying home insurance and how to avoid them.

Letting policy lapse or never updating it after changes
Many people buy home insurance once, typically while applying for a home loan, and then forget about it. Policies can quietly lapse if premiums aren't paid on time, leaving you completely unprotected when something goes wrong.

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