Third party house insurance

Many have to toil all their lives to be able to own a home. Many others remain in debt practically all their lives. I leave it to your readers to try to comprehend what one goes through if after all this sacrifice one's property is destroyed in a matter of seconds as a result of an unfortunate accident or worse, an accident caused by an careless neighbour, or by a neighbour who does not abide by the law. In all probability the person responsible for such an accident, if he survives the accident, would be in no position to pay compensation for the damage caused.

Car drivers are legally bound to at least have third party insurance policy to cover any damage caused to a third party. By the same reasoning, all residents, whether they living in their own property or in rented property, should be obliged to have at least a third party policy to cover damage caused to neighbouring property. This should not amount to much if it is to be paid by all residents, considering the facts that such accidents, fortunately, are quite rare, and if the insurance covers only accidents caused by a neighbour.