Your Money: Detail vital in home insurance considerations

While there is no legal obligation to have home insurance, usually your mortgage lender will require you to arrange cover for potential rebuilding costs.

19th January, 2014
Insurers may increase their premiums for home insurance in areas that are particularly vulnerable to flooding. Picture: Photocall

While there is no legal obligation to have home insurance, usually your mortgage lender will require you to arrange cover for potential rebuilding costs.

''You are not legally obliged to take out home insurance, but if you have a mortgage, your lender can insist that you have buildings insurance so that you can afford to rebuild your home if it is destroyed,'' according to the National Consumer Agency (NCA).

The NCA guide explained that...

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