Buying Home - ( Cash ) Do I Need Take Out Insurance

[pumpjack]

if ...........buying apartment cash, non mortgage , do i need take buildings or contents insurance ?

[TonyV]

Both if you want to be insured for any loses.

[woofgang]

why would you think you didn't need to?

[ToraToraTora]

nothing to compel you but it would be wise.

[ToraToraTora]

actually it may be a condition of purchase if it's a leasehold apartment.

[soxmis_sid]

No. But it would be advisable.

[EDDIE51]

It is not essential, but it is a VERY good idea !

[aelmpvw]

i've begrudgingly paid house insurance for over fifty years due to the miniscule possibility that it could burn to the ground ...

[barry1010]

If it's an apartment you should definitely have buildings insurance.

[Old_Geezer]

Only if you want them protected from damage, etc..

[Peter Pedant]

no you dont
bUT you should have buildings insurance from exchange and not completion

[The Builder]

Check your lease, jack.

Your Management Company may have the building covered, so you don't need to.
Look for exclusions though.

You will need contents cover.