It’s not mandatory to take out home insurance but it is a very good idea – even on a new build.While new-builds come with a warranty that covers you for issues arising from the quality of the build, this won’t protect you for standard damage caused by things like fire or flooding. What’s more, your mortgage lender will almost certainly require you to take out buildings insurance before they lend you the money. It's also a good idea to consider contents insurance for your possessions inside your home. This can protect belongings such as furniture, electricals, and white goods. These can all be expensive to replace and are worth protecting.