Re: Own A House What Insurance Is Needed.
If the property is mortgaged then the lender will require that you insure it for the reinstatement cost. This
SCS guide is useful as a rough guide to
estimating the reinstatement cost but if in doubt get professional advice (e.g. a survey).
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There are also lots of existing threads about home insurance, where to shop around etc. Remember to read the terms & conditions of the policy document and don't shop around on price alone.
Even if the house is not mortgaged you should probably insure the property and your contents for peace of mind.
If the house is mortgaged then the lender will require you to have mortgage protection life assurance to clear the mortgage in the event of your death. See here:
Mortgage Protection and Mortgage Repayment Protection Policies
If you have dependents you may want to take out some general life assurance (usually separate from the mortgage protection life assurance) but what you might need really depends on your specific individual circumstances.
Accident/illness/salary/perhament health protection insurance is optional and again the need or otherwise for these depends on the individual's specific circumstances.
If in doubt get independent, professional advice.