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Your Buildings and Contents Insurance policy covers damage to both the fabric of the building caused by events such as fire, flooding or storm, and also damage to the contents of your home from events including those described above, and also theft or other events causing loss or damage. It is a condition of a mortgage that Buildings insurance is taken out, and this can be purchased separately. Contents insurance can also be purchased separately for those cases where you do not own the property but only rent it.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.