Insurance on exchange of contracts
Discussion
Hoping to exchange contracts on a house purchase very soon. I understand that I need buildings insurance in place from date of exchange. Current owner will be living there till completion.
Seems like you need to know quite a lot about the property to get insurance.
Lock types front and back, whether it is being used for business, when the owner is normally home, window lock and keys available etc
Anyone used a specialist broker for this kind of thing who doesnt expect you to have all these details? On completion I’ll want to cancel the short term building insurance and get a combined building/content policy.
Or do I need to contact the seller to get all the info the insurer requires?
Thanks.
Seems like you need to know quite a lot about the property to get insurance.
Lock types front and back, whether it is being used for business, when the owner is normally home, window lock and keys available etc
Anyone used a specialist broker for this kind of thing who doesnt expect you to have all these details? On completion I’ll want to cancel the short term building insurance and get a combined building/content policy.
Or do I need to contact the seller to get all the info the insurer requires?
Thanks.
We moved last October and had to have the same. I just had a second viewing, checked the locks, windows, smoke detectors etc.....then as we weren't moving in for a couple of weeks after completion I just notified the Insurance company that it would be empty for 2 weeks. They weren't bothered if it was less than 30 days. No subsequent issues, moved in 2 weeks later, all good.
When I moved, my existing insurer was quite happy to cover both old and new properties for buildings in the period between exchange and completion and all they wanted was the address and rebuild cost from the survey.
They have never asked me about the type of doorlocks or any of the other things you mention (n.b. may have asked about use for business purposes, but since I don't I've not thought about it).
For what is typically a fortnight's cover that seems like a lot of faff. Have you tried somoene like Hiscox or NFU?
They have never asked me about the type of doorlocks or any of the other things you mention (n.b. may have asked about use for business purposes, but since I don't I've not thought about it).
For what is typically a fortnight's cover that seems like a lot of faff. Have you tried somoene like Hiscox or NFU?
If you are using a mortgage then they should be able to organise temporary house insurance easily enough or your Solicitor may also be the one to ask.
There is also a company called something like "Exchange 2 Completion " who offer similar.
Either way it shouldn't be that hard to find someone who doesn't require 100% of the details that a permanent 12 months Insurer would want.
There is also a company called something like "Exchange 2 Completion " who offer similar.
Either way it shouldn't be that hard to find someone who doesn't require 100% of the details that a permanent 12 months Insurer would want.
onomatopoeia said:
When I moved, my existing insurer was quite happy to cover both old and new properties for buildings in the period between exchange and completion and all they wanted was the address and rebuild cost from the survey.
They have never asked me about the type of doorlocks or any of the other things you mention (n.b. may have asked about use for business purposes, but since I don't I've not thought about it).
For what is typically a fortnight's cover that seems like a lot of faff. Have you tried somoene like Hiscox or NFU?
I just called up for exactly the same, very basic questions .They have never asked me about the type of doorlocks or any of the other things you mention (n.b. may have asked about use for business purposes, but since I don't I've not thought about it).
For what is typically a fortnight's cover that seems like a lot of faff. Have you tried somoene like Hiscox or NFU?
I’m with NFU. But they’re not cheap.
I expect the better prices come with more details confirming lower risk… but also possibly more teeth gnashing if you actually need a claim.
Moved in 2023, insured with Aviva.
All they wanted to know was the new address and price we paid, and to be notified on echange of contracts.
No additional cost, despite new house being around £150k more, couldn't have taken mre than five minutes.
I appreciate that not all insurers are the same, but making the point that they wanted the very minimum amount of info.
All they wanted to know was the new address and price we paid, and to be notified on echange of contracts.
No additional cost, despite new house being around £150k more, couldn't have taken mre than five minutes.
I appreciate that not all insurers are the same, but making the point that they wanted the very minimum amount of info.
Given you have not exchanged the other option is the contract states the vendor insures the property until completion.
I did this about 18 months ago ( I was the vendor and completion was 6 months post exchange ).
If costs them nothing as no sane vendor would cancel their house insurance at exchange anyway ( regardless of the technicality that it has been sold )
I did this about 18 months ago ( I was the vendor and completion was 6 months post exchange ).
If costs them nothing as no sane vendor would cancel their house insurance at exchange anyway ( regardless of the technicality that it has been sold )
Jeremy-75qq8 said:
Given you have not exchanged the other option is the contract states the vendor insures the property until completion.
I did this about 18 months ago ( I was the vendor and completion was 6 months post exchange ).
If costs them nothing as no sane vendor would cancel their house insurance at exchange anyway ( regardless of the technicality that it has been sold )
Indeed. Buyer pulls out. Loses deposit. Uh oh, vendor loses entire house!I did this about 18 months ago ( I was the vendor and completion was 6 months post exchange ).
If costs them nothing as no sane vendor would cancel their house insurance at exchange anyway ( regardless of the technicality that it has been sold )
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