When you have a property or you have rented a property and you move into the property, there are many things you need to put in place. While some are compulsory, some are optional. Chances are that you will want to know which are compulsory or which are optional, especially in line with the law. This is considering you could be punished for disobeying a law by the government when you are found out. To avoid such a scenario, you will want to make sure that you have done everything required of you by the law even if you have scarce resources. You can then decide on the optional ones if you want to do them or not and when it will be convenient for you to do it.
If you are wondering if it is mandatory, compulsory or legally required for you to have a home insurance policy for your home in England, then the answer is NO. There is no law stating that you must have a home insurance policy for your home in England either as the owner or as a tenant. However, it is very much advisable that you should get a home insurance policy for your property. You can check through home insurance reviews in the UK on BritainReviews to know the best home insurance policy types and the best home insurance companies to patronize.
Getting a home insurance policy comes with several benefits. This is why it is advisable. However, you can also decide not to get a home insurance policy for your home without flouting any law in the UK. However, if you want to get a mortgage for a house, the finance company you are using might require you to get a relevant home insurance policy for the home. In this case, you will be obligated to get a home insurance policy. This is because the company will hope to reclaim the house if you do not meet with your mortgage agreement.
When you do not have an insurance policy and the house is destroyed before meeting your mortgage requirements, it might be difficult for the company to get back the property or force you to continue to pay your mortgage. Hence, the insurance will serve as an important part of the agreement so that they know if anything happens to the house, the insurance company could be held liable to pay back the worth of the property, to rebuild the property, or repair damaged parts.
However, when you did not get a loan to purchase the property or when you are a tenant, the major reason why it is advisable to get a home insurance policy is that you will have rest of mind. If you are at work or out of town and you are informed that a natural disaster or wildfire have engulfed your house, you will be sure that your insurance company will be responsible for providing an alternative property for you, while they immediately attend to rebuilding your property and replacing the content of the home as covered by your insurance policy.
You won’t have to be stranded or lose the property worth several thousands of dollars all because you did not want to pay for insurance. The same applies to if there is a flood and your house is flooded. Such a flood could destroy most of your properties and put your house in a state where you will not be able to live it for a while. Your insurance company will also be responsible for making sure that you are fine throughout the time you will have to stay out of your home while replacing your property.