Do I still need buildings insurance after I pay off my mortgage ?

No you dont have to, but I would definitly get insurance for the house, on a replacment cost maybe for a lower policy limit which makes it cheaper, you never know what might happened i'll give you some example:

1. Fire

2. Pipe burst which cost 0000's or breakdown of the toilet causing water damage in the house.

3. wind, lightning etc.......

4. Theft, Vandalism........

5. Collapse due to snow or damage to the buidling due to a falling object from the sky or a tree or whatever....

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Some of the pricing estimates being thrown around here seem a little high! Yes, life insurance may seem un-necessary if you have no-one to leave the house to. What you might want to think about though is what might happen down the road. Are you saying you wish to remain single with no children? If you develop a medical condition (I'm assuming you don't have one now) between now and the time you DO actually want life insurance then your premiums will be much higher and you may even be turned down for cover. And even though you get sick pay, critical illness cover is often much cheaper than you think and means you won't get kicked out your flat if you get something like cancer.

Do I Need Buildings Insurance

As an insurance agent, here is a "rule of thumb" that I learned and have relayed to many clients regarding the need for insuring property:

Consider the total loss of the property in question (fire, natural disaster, theft, etc.).

A) If such a loss would financially devastate you, you should definitely insure.

B) If you could comfortably borrow and repay the funds necessary to recover from the loss without causing economic hardship, then you may or may not want to insure.

C) If you have money or assets to fund your own recovery from the loss, then insurance is not necessary.

When it comes to insuring a home, the responsible answer for most people will be (A) .

Of course not. Insurance is purchased as a means of paying for something that may or may not happen. If you are not insured and the house burns down, or the roof blows off or the water pipes burst then you will have to pay for the repairs yourself. Now you have no mortgage the choice is yours.

After you pay off the house, insurance is your choice. Even without a mortgage it is foolish to go without insurance unless your rich and have the money to rebuild your home if it burns down.

Congratulations to you. If, in the event of a fire or tornado, you are financially able to rebuild the house and replace all of your personal belongings you would not be need to continue property coverage. However I would suggest that you would would still want to purchase personal liability insurance.

It'd (likely) be dumb not to have it. All fun and games until you don't have a house AND you have no money to rebuild it.

Not legally.