Away for three months - House & Contents Insurance

[deleted79651]

It’s all individual, anybody can do what they want.
Just pointing out that only vehicle insurance is mandatory.

The individual can do as he wants only if the property is unencumbered, an important qualification. A mortgagee will have the power to arrange insurance cover at the mortgagor's expense to protect the former's interests if the mortgagor fails to do so.

Steve

 

[Jays2]

Would of understand that if you had a debit on any holding you would insure it, and if on property it’s is in the contract along with life insurance.
I would also insure a investment.
I do not class your home as an investment, as it is only released on death.

 

[gus-lopez]

Next

Just pointing out that only vehicle insurance is mandatory.

It isn't actually.The requirement is that you can cover all 3rd party claims in the event of an incident. For most people the only way is to use a n insurance company.
You can actually deposit £500,000 with the Attorney General in the UK which allows you to drive any vehicle or amounts of vehicles on the road.
Obviously this is only covering your 3rd party responsibilities but the added bonus is that you get paid interest on the deposited amount at the government rate.
The drawback is that if an 'incident' occurs that runs into 6,7 or 8 figures or more they ask you for the shortfall. Bit like it used to be being a " Lloyds name".
Years ago the cash in transit companies all had to use this method as they were uninsurable . But the deposited amount was also a lot lower.

 

[deleted79651]

The individual can do as he wants only if the property is unencumbered, an important qualification. A mortgagee will have the power to arrange insurance cover at the mortgagor's expense to protect the former's interests if the mortgagor fails to do so.

Steve

 

[Jays2]

It’s amazing what you can learn.
The power of a forum.
Never to be underestimated.
Thank you

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