There is seemingly no end to the insurance we are encouraged to take out in modern life; car, health, life and even mobile phones claim a fair portion of monthly incomes country wide. In amongst all of these, house and contents insurance is surely one of the most important. The security of knowing that your house and everything found within it is protected is surely worth the monthly outlay.
Yet shockingly, recent figures show that over 10% of homeowners in the United Kingdom do not have any form of house insurance. That equates to nearly 1.5 million people; 1.5 million people who would find themselves liable if the house next door caught fire and damaged their own. 1.5 million people opening themselves up to unnecessary risks.
The importance of insurance.
Perhaps some of these 1.5 million people are unaware that being without house insurance is such a danger. However, it is indeed the case that if your neighbour’s house catches fire and leaves your own home ruined, you have no rights to make a claim. Your only hope would be if next door’s residents had been negligent in some way and caused the fire but how could any interested party determine whether this was actually the case? Having your own house insurance would mean this would never be a concern.
Is it worth the cost?
It is true that we are living in less than prosperous times, yet it is still important that you have the safety and confidence of knowing that your home is safe. Many people have opted out of their policy payments hoping to save a few pounds each month. But imagine that they find themselves in a situation such as the one described above? Some may be lucky, but it is a very lucky person who has enough savings to rebuild an entire house or friends and family who can put a roof over their head for an extended period of time. It is more likely that they would be entirely liable to foot the repair bills, with no external financial support of any kind.
Even those remarkably fortunate folk who own their homes outright should still invest in the safety net of house insurance. Remember that the majority of house insurance policies provide cover for your belongings as well. Add to this the cost of major repairs and funding accommodation whilst work is carried out and a little expense soon becomes a fortune.
Where there’s blame
Let’s say that your home is damaged but you feel you are able to fund refurbishment yourself. The work is ticking along nicely and you are anxiously but excitedly awaiting getting your life back. Then imagine that a passer-by trips, falls and injures themselves on your property. What then? They are well within their rights to sue you as the homeowner. But guess what would cover your costs in this eventuality? That’s right, it’s home insurance.
Is it worth the risk?
The importance of choosing to take out house and contents insurance is without doubt a vitally important one. You could choose to gamble on absolutely never ever, under any circumstances, finding yourself in a position where house insurance would be of benefit, but it is a big risk to take. When it comes to your home, your belongings, your life, it doesn’t seem a risk worth taking.