Home insurance 'very important'

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Home insurance 'very important'

Home insurance is one of the most vital types of coverage a consumer should purchase, according to the British Insurance Brokers' Association (Biba).

Graeme Trudgill of Biba suggested that car insurance was the most important type of cover to have, because it is a legal requirement, but emphasised that home insurance is "the second most important" due to "several reasons".

If there is a contract between a homeowner and the mortgage provider, a person will be obliged to take out buildings insurance to avoid breaching that contract, he explained.

"It's also important because all your worldly goods and investments are in that property and the contents within it and that is why it is such an important policy to have," he added.

The UK insurance industry paid out £9 million to homeowners in 2006 as a result of property damage or loss of possessions, according to data from the Association of British Insurers.
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