Is it necessary to take home insurance?

[Scarlett]

Is it compulsory to take home insurance? And if I take the home insurance, what will that actually cover?

[Mark]

Buying home insurance is not mandatory here. But if you have a mortgage, then mortgage lenders demand it.

Home insurance covers your home from any damage, like storms, fires, etc., and your personal belongings (furniture, electronics).

And in some cases, it gives you additional living expenses in case your house is not livable due to any issue.