House Insurance
There are two main areas involved in house insurance, being cover for your buildings and separate cover for your contents.
Buildings cover is a requirement for any mortgage lender and they will not normally release your mortgage funds unless they have proof that this cover is in place.
Buildings cover is designed to cover you in the event of any loss/damage to the fabric of your home. The amount of cover required should be sufficient to cover the rebuilding cost of your home which is normally determined by your surveyor.
Contents cover is required to protect you against loss/damage/theft of any of your household contents. This may be by way of fire/flood/theft. Additional cover can be taken to insure items taken outwith your home such as cameras, jewellery, etc.
Both Buildings and Contents cover can have accidental damage cover added at additional cost.
Your home may be repossessed if you do not keep up repayments on your mortgage.