There is generally no legal requirement to have buildings and contents insurance, but without it you may need to pay for repairs to the property and replacement of your belongings after events such as fire, flooding or theft. Buildings insurance covers the structure, while contents insurance covers items inside your home, so having one does not usually replace the other. If you have a mortgage, your lender may require buildings insurance and could take action under the mortgage terms if you do not maintain it. Renters normally do not insure the building, but may wish to cover their own belongings; check with an FCA-authorised provider about suitable cover.