Why is it a bad idea to delay buying insurance for your financial assets

Waiting to buy insurance is bad because let's say you drop your new iPhone 7. It breaks, but you were delaying buying damage insurance. Because of that, you have to buy a cheaper phone, and you might not get an iPhone 7 again if you live on minimum wage or below minimum wage.

Your financial assets aren't insured which means if an accident came in you wouldn't have anything to back you up and would have to pay everything from pocket.