Do I have to get Buildings Insurance?

Yes - it is essential that you get buildings insurance. In fact, all mortgage lenders will insist on it.

Your home probably represents your single largest investment so you’ve got to keep it financially safe. If your home burns down you’ll still have the mortgage to pay even though you may only own a pile of ashes!

There are many circumstances that could damage your home and for which you need insurance cover. For example, the obvious ones: storms, flood, fire, explosion and vehicle accident. Even a bad internal water leak could cause serious structural damage or a tree could fall onto the house. Then there’s landslip, land heave and subsidence. They could all cost you a fortune in repairs.

Be aware that if you fail to get buildings insurance, your mortgage lender has the right to require immediate repayment of the entire outstanding loan.