Homeowners Insurance

As viewers of the daily diet of police TV programmes will be aware it is illegal to own and drive a car on the road unless you have insurance.  For some reason you are allowed to own your home but insurance is not compulsory.  It does seem illogical. 

Homeowners should of course insure their homes but it is not a legal requirement.  Interestingly your home and contents policy is a legally binding agreement between the home insurance company and your good self.   The following are a couple of legal implications that are associated with the aforesaid home and contents insurance policy.

Firstly if you have a mortgage then without a doubt your mortgage provider will have insisted you have buildings house insurance at the very least.  Obviously as they own probably most of your home for several years at least they will need to protect their investment.    

Secondly there is Fraud.  Should you make false claims on your home and contents insurance you will be seen to have attempted to defraud the home insurance company and are liable to be prosecuted.  Do not take any chances.  False claims are costing millions of pounds per annum and companies will not hesitate to take legal action against you.