No, it is not a legal requirement to have home insurance in Northern Ireland or the UK. However, most homeowners need to borrow anywhere from 75% to 95% of the value of their property to be able to buy it. The mortgage lenders do require that the borrowers have house insurance in place for the duration of the loan.
In reality, even if you do own your home outright, it makes common sense to protect your biggest asset. In 2019, the House Price Index in Northern Ireland revealed that the standard property price was £136,767. In 2020, this figure had increased by 3.4% to £144,053.
