Home insurance isn’t just a ‘nice to have.’ It provides essential peace of mind in case your home – and your possessions – are damaged or destroyed and need to be repaired or replaced. Covering costs like this without home insurance can be frighteningly high. So, do you really need it?
Your mortgage company might demand it
Most mortgage lenders will make it a requirement of giving you the mortgage that you take out buildings insurance for the home that you’re buying.
If you’re a landlord, it’s your responsibility
Landlords often assume that tenants are responsible for everything that happens to a rented property while they are in it. However, while tenants must arrange their own contents cover, the responsibility for obtaining buildings insurance falls to the landlord.
You own more than you think
If you’re considering whether it’s worth getting contents insurance for your home then start by making a list of everything in it. Add a value to all the items – either what you paid for it or what it’s worth now – and then tot the whole list up. Even if you don’t have a large number of high value items, when you add everything together the total can be huge. It’s that figure you’d have to cover the cost of without contents insurance.
Peace of mind
Life is pretty unpredictable and there’s only so much we can do to protect against bad weather or other people. Home insurance provides the peace of mind of knowing that, whatever happens, you’ve got a safety net.
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