Owning a home is an exciting investment, but it can also bring unforeseen risks. From the harsh elements of nature such as floods and fires to small damages like burst pipes or accidental destruction - buildings insurance covers you in all these situations.

Not only that, some policies provide coverage for gardens and patios, swimming pools and even temporary living arrangements if needed while repairs are being made on your abode! It's essential to check exactly what’s included with your policy- you may want more protection than just basic cover so don't forget extras might be available too.

Mortgage lenders typically mandate adequate building insurance during the term of their loan since ownership exchange when legal responsibility begins; take note that this must usually been done before contract day arrives

Regardless of whether you own or rent your home, protecting yourself from costly repairs is essential. If there’s no mortgage on the property, buildings insurance may not be a legal requirement but could save time and money in the long run; for renters it's usually their landlord who takes out this cover to protect against structural damage.

Additionally, contents insurance should always be taken into consideration by tenants so that they can safeguard their possessions too!