Is it necessary to have home insurance UK?
While buildings insurance isn't a legal requirement, it will usually be required by your mortgage lender. Even if you own outright (i.e. there is no mortgage) it's still usually a good idea, as it covers repair or rebuilding costs in the event of damage – and those costs can be very high.
Why do we need to buy home insurance?
If you are wondering why Home Insurance is important, it provides a compensation for your losses. This is especially important in case of damage due to uncertain factors such as natural disasters like earthquakes, storms, cyclones, floods etc. These are uncertain events that cannot be predicted.
Do you legally have to have house insurance UK?
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.
Is home insurance really necessary?
There's always a chance a visitor could get hurt on your property, and if that injury leads to medical fees (aka bodily injury), you could be sued for damages. This type of coverage is called personal liability, and it's really important to have.