Is Home Insurance Mandatory?

Home insurance is mandatory up to a point. Remembering that home insurance splits into buildings and contents insurance, the former can sometimes be part and parcel of your mortgage offer. This means that buildings insurance can often be mandatory. However, in comparison, content insurance is rarely essential. It is up to you whether you have it or not.

Why is buildings insurance mandatory?

Buildings insurance is often mandatory because mortgage lenders want to know that the value of the property is protected.

If content insurance isn’t mandatory, do you actually need it?

It is strongly recommended that you consider contents insurance. The premium you pay for the policy would be nothing compared to the potential scenario of having to recover the costs of all your belongings should the worst happen. Obviously this isn’t a pleasant scenario to consider and it would be very unfortunate for your home to be damaged by flooding or fire for instance.

But, the reality is that these unfortunate circumstances do happen and having both contents and buildings insurance in place can greatly lessen the financial impact of such an event.

Without contents insurance you would have to foot the bill of replacing all your essential items should they be damaged.

Both buildings and contents insurance policies have limitations

It’s important to know that buildings and contents insurance doesn’t cover general wear and tear and if you want to cover items that are damaged or stolen away from the house, you will need to pay a little extra for this.

Get home insurance for your house today

If you’re interested in finding a home insurance policy, speak to Agentis. We’ll check through any potential policies with a fine-tooth comb to make sure the essentials are covered and you won’t be left with any nasty surprises should you need to make a claim. Book your free initial consultation with us today.