Property insurance (apartment or house) is required by each institution providing the mortgage as a security to the loan. If you have a mortgage and you do not have home insurance on the property this is a violation of the loan agreement, and may have some unpleasant consequences.
Home insurance concerns building or/and content insurance. Home insurance will pay out in the event of eg. fire or escape of water.Do you know that….
20% houses in the UK are not insured at all? This is more than 5.4 million houses!
(Source: Coop.co.uk, 2010)