YOU only need Property Insurance if you own or live in a property. Put bluntly, that is most people in the UK, all 65million or so of us.
And the reason you need Property Insurance? That is easy to understand as well – if you own the property or anything in it then Property Insurance will protect you against loss if the worst happens. Without Property Insurance if you are burgled or a fire destroys the building, you will be forced to start new with zero possessions and pay for everything yourself.
What happens if the property burns to the ground?
If you actually own a property that burns to the ground, could you afford to rebuild it out of your own money? A typical three bed semi-detached may cost £150,000 to rebuild. Not many people could afford that. And if you have a mortgage on the place, then you will still need to pay that off, despite all that’s left being cinders and ashes.
Indeed, if you have a mortgage on a property then you are legally bound by contract to have Property Insurance. This is to protect the lender in case of things such as burning to the ground. This is important because if you don’t have Property Insurance and the lender finds out, they could call the loan in immediately and you’d have to repay or face losing the house. Serious stuff.
What if you are renting, do you need Property Insurance?
If you rent a room or property then you may think you don’t need Home Insurance of any kind, but you’d be wrong. If you bring your own sofa, television, computer, camera, jewellery, food and even clothes into the house you are renting, then what would you do if it was all lost in a flood or a thief helped themselves? Would you be able to replace it all with your own cash? It’s unlikely as most people own around £10,000 – £50,000 worth of contents and that needs to be insured.
So whether you are an owner or a renter, it is clear that you do actually need Property Insurance of some kind. Either Buildings and Contents insurance or buildings by itself (if you are a landlord) or contents only (if you are a tenant).
How to buy Property Insurance
The good news is that Property Insurance is what The Property Insurer excels at and delivers some of the lowest price policies and best underwriting in the UK. All you have to do is visit the website and click on the insurance you need and then see how much you can save.