Insuring your home and the items within it is not a legal requirement but many mortgage providers will require you to have it in place regardless.
And deciding to forego this particular type of insurance could spell disaster in the event of a burglary, flooding or fire.
Landlords and homeowners will usually need building home insurance and content insurance while tenants will usually only need content insurance.
But according to Nationwide, one in four people in the UK do not have house insurance.
Martyn Dyson, Nationwide's head of general insurance, said: "The Association of British Insurers estimates a quarter of households do just that and have no home contents insurance at all.
"However, it is a very risky attitude because if the house was to burn down or the contents of the house were damaged or stolen, the bill to replace or repair them all could be financially disastrous."
Don't just renew
Treating insurance as a contract that you renew once a year is a guaranteed way to end up paying over the odds for cover.
The average policyholder could save around £125 a year by checking the market, according to MoneySupermarket.
Paying a lump sum may not be available to everybody but it is usually cheaper in the long run that taking on monthly payments.
Insurers can add up to 11 per cent to the cost of the policy this way.
Be aware of excess
Be aware of excess charges. As well as voluntary excesses there may be some compulsory excesses.
Make sure you can afford to stump up the excess.
Bring it all together
Combining buildings and content cover with the same provider can often lead to a lower insurance bill.
Read the policy
You need to know exactly what is covered by your insurance policy - or more importantly, what is now.
A cheaper policy may not cover all of your possessions or specific dangers to your home such as flooding.
It is important to always read the small print and ensure you are covered for exactly what you need.