Home insurance – do you really need it?

Is home insurance worth the cost? We look at how buildings and contents insurance work, what you’ll have to pay and whether you really need them.


Yes. My solicitor literally just called and stated I needed it today to complete on my house purchase. :sweat_smile:


Do I need buildings insurance?

Yes, you must take out buildings insurance if you own property. It’s required by law and usually by mortgage providers too.

It does state that in the article :blush:


I just thought it was amusing I was just contacted about it by a solicitor :laughing:.

The articles a good read!

I’ve always been amazed at how much cover you get for such a small monthly premium.

If it wasn’t for my mortgage requiring it, I probably wouldn’t have building insurance but contents is a must in my opinion :slight_smile:

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The issue I’ve always had though is figuring out how to cover high value items

I find a sheet works best - It hides it from view :wink:

How high are you talking? (back on topic!).

My insurers will just add them as extras onto the policy.


I am gonna get contents cover from Wrisk coz it’s cheap.

I’ve never had insurance before I guess a few pounds a month is cheaper than thousands in one hit.

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Do I need buildings insurance?

Yes, you must take out buildings insurance if you own property. It’s required by law

Id like to know what law this is. This statement is flatly contradicted by https://www.citizensadvice.org.uk/consumer/insurance/insurance/types-of-insurance/buildings-insurance/

If you don’t have a mortgage

Buildings insurance isn’t compulsory but it is advisable. Think about how you would afford to rebuild your house if it were damaged or destroyed.


My random searches are also throwing up less reputable sites also saying it’s not a legal requirement but usual a requirement of a mortgage.

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1.5 million people don’t have buildings insurance (2012 figures) so the police/courts would have a field day if it was illegal.

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I guess once they have finished with all the drivers home owners will be next :joy_cat: :eyes:


Its mostly stuff like my computer and some nice clothes I got made over the years

Another good breakdown here.

From what I can work out…

Is it a legal requirement to have home insurance?

Own the property outright - No
Own the property on a mortgage - No, but mortgage company has likely made it a requirement.


Not required on my apartment as it’s leasehold.

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Yeah, I was being very lazy with my wording.

The article is much better :smiley:

I own and live in a leasehold flat – do I have to buy home insurance?

Your buildings insurance could form part of your service charge, rather than you having to pay for it. It depends on the conditions in your lease. It could be that you insure parts of the flat that are your legal responsibility and your leaseholder covers the communal parts of the building. Whatever the arrangement, you should find it’s covered in your leaseholder’s agreement.

Contents insurance isn’t mandatory, but again you should seriously consider it.

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Well I’m covered for contents - I use Wrisk :wink:


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No :sob: