The saying that there is no place like home is true. Home is the one place you can truly relax surrounded by the things you treasure.Due to this, over your working life the vast majority of your income will be spent on your home and the possessions in it.Despite this fact, statistics show that 1 in 3 people do not have any form of Home Insurance. So here we ask, is Home Insurance an absolute must or a complete waste of money?We all have a tendency to believe that fires, floods or burglaries would never happen in our home and that Home insurance or Buildings and Contents Insurance is an avoidable cost, but statistics would suggest otherwise.Consider the following facts:Every 37 seconds a Home in the UK is burgled On average there is a domestic fire every 8 minutes somewhere in the UK One in ten people live in a property that is at risk of floodingSadly, Insurance providers also report that the people who have had the foresight to take out Home Insurance often find that they are significantly under-insured when making a claim. The reason for this is quite simple. People accumulate their possessions over many months and years and as a result they just don’t realise how much their possessions are truly worthAt a time when many are struggling to meet their monthly costs, paying for Home Insurance may seem like one financial commitment too many.However, now you know the above facts ask yourself the following questions:If your property was destroyed or damaged due to floods or fires could you afford the cost of rebuilding or repairing it while still paying for your Mortgage?Many people do not understand that if their property were to be destroyed or become inhabitable due to floods or fires they would still need to meet their monthly Mortgage payments. This often makes it impossible for them to meet the cost of repairing the damage to their home or renting/ purchasing a new property.If your possessions where damaged or stolen, how much would you have to pay out to replace them?Take the time to take stock of your possessions and make a list of the cost of each item. Total this list of costs and then compare it against your net monthly salary or even your annual salary. This should tell you how long it would take you to replace those itemsHow many of your possessions have been purchased with credit?If your possessions were taken or damaged, you could find yourself paying for items that you no longer had the benefit of possessing.If you drive, you will pay out for car Insurance each month, but how much more is you Home and its contents worth than your car?The true costThe truth is that whether you purchase Home Insurance is really your decision after all you are the person who has to pay for it, but do take into account that if you don’t purchase Home Insurance and your possessions or Home are damaged, stolen or destroyed , you are the person who will have to pay for it.