The policy that your housing association is providing covers your flat from any kind of damage due to any natural calamities or against fire, but it doesn't include coverage for the loss of valuables. A typical home insurance policy not only covers your house from damage but also provides coverage for loss of any valuables that you have kept within the house. A good example of Home Insurance includes coverage against Loss or damage to your building, damage or theft of electrical/electronic appliances, damage or theft of jewellery/ornaments, cameras, laptops etc. Apart from the above always look for a policy that covers Protection against EMI liability so that you don't need to give up your home under any tough situation, and the insurer pays of your EMI liability till the time you cope up with the tough situation