While home insurance is not a legal requirement, it may be required by your mortgage provider before they will lend you the money. Furthermore, it protects your home against any damage.
There are different types of home insurance, from protection for the building itself through to contents insurance, which will replace your possessions in the event of accidental fire or theft.
You may expect to find policies available for a range of requirements and will have to decide which is right for you, along with the amount you wish to insure - while it may seem necessary to cover the entire cost of your house and belongings, money can be saved if you just insure the essentials.
Budget home insurance is something of a balancing act between what you can afford to cover and what you cannot afford to replace. Somewhere between the two values you are likely to find the ideal level of cover for best and worse-case scenarios.
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