From MoneyHighStreet.com:
While car insurance is vital for drivers as it is a legal requirement, home cover is probably the second most important insurance available to consumers.
That is the opinion of Graeme Trudgill, technical and corporate affairs executive of the British Insurance Brokers' Association (Biba), who said that last year's flooding had demonstrated that around 25 per cent of homeowners did not have this sort of insurance.
He explained: "Home insurance is absolutely the second most important insurance you can buy. The first is motor insurance if you have a car because it is a legal requirement but home insurance is critical for several reasons.
"Firstly, if you have a mortgage there will be a contract between you and the mortgage provider which almost certainly says that you have to take out buildings insurance and if you don't you will be in breach of your mortgage contract."
Mr Trudgill added that all a person's "worldly goods and investments" are generally tied up in their home and that they could effectively lose everything if they do not invest in home insurance.
"Insurance premiums for buildings and contents insurance have hardly changed in the last ten years - they are very low, they are great value for money and it's really competitive out there at the moment," he concluded.
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