YES. Model aircraft can cause serious damage to property and people possibly even death to the latter. An earth bound model would be covered by your personal liability insurance which is usually associated with some other insurance, ie; house or motor.
All pilots of model aircraft should have BMFA (British Model Flying Association) insurance. This is mandatory. Although some park flyers don't and that's their risk. It is mandatory for club members to have BMFA insurance . We arrange this at time of joining or you can visit the BMFA website and arrange your insurance online. The BMFA insurance covers at time of writing for public liability £25,000,000. It also includes life insurance for your self.