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Contents insurance question

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Onawingandaprayer
Onawingandaprayer Posts: 642 Forumite
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in House buying, renting & selling
We're purchasing an empty flat (an executor sale) but are unlikely to exchange and complete on it for a few weeks. Completing on ours next week though. The executors of the flat have kindly said we can move all our furniture into the flat rather than putting it into store.

A very generous gesture, but we are wondering what sort of issues we might face (if any) transferring our contents insurance over to the new flat before we legally own it?

Any thoughts?
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  • G_M
    G_M Posts: 51,977 Forumite
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    edited 3 September 2016 at 10:29PM
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    You'll be uninsured. Your policy covers your possession in the named property.

    You could try discussing with your insurer but I strongly suspect they'll say no.

    Have you considered what would happen if the purchase fell through? and you could not get access to your possessions? Or they disappeared? Or were claimed by some other new owner?

    Bonkers idea in my opinion.

    Doing this after Exchange would have fewer issues, but they'd still almost certainly be uninsured.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Given that buildings insurance for empty properties is vastly more expensive and restrictive than for occupied properties, I can't imagine that insurers will be keen to insure contents which don't even belong to someone who has the right to be in the property. If you go ahead with this plan I think you'd just need to cross your fingers rather than insure.
  • Onawingandaprayer
    Onawingandaprayer Posts: 642 Forumite
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    Hmm, I hear what you're both saying. In 3 weeks or so, post completion, I'll be ringing my insurers and notifying them of my new address. So if I bring that forward to next week and tell them the new address then, before I actually own it, I'm on dangerous ground, legally? Just trying to recall what they ask when I inform them of a change of address.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Onawingandaprayer wrote: »
    So if I bring that forward to next week and tell them the new address then, before I actually own it, I'm on dangerous ground, legally?

    The policy cover would be worthless in the event of a claim.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Onawingandaprayer wrote: »
    Hmm, I hear what you're both saying. In 3 weeks or so, post completion, I'll be ringing my insurers and notifying them of my new address. So if I bring that forward to next week and tell them the new address then, before I actually own it, I'm on dangerous ground, legally? Just trying to recall what they ask when I inform them of a change of address.

    Your existing policy is almost certainly on the basis that your contents are in a property which you own and are actually occupying. It won't cover your contents while they're in what is effectively a storage facility owned by someone else.
  • silvercar
    silvercar Posts: 46,960 Ambassador
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    Good brokers should be able to help.

    At the end of the day renters take out contents insurers on properties they don't own but have consent to occupy. It shouldn't be impossible to find a policy. If your own insurer won't offer an extension policy to cover then try a broker.

    I've used 'alan boswell' and 'simply business' for non standard insurance in the past.
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  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    silvercar wrote: »
    At the end of the day renters take out contents insurers on properties they don't own but have consent to occupy.

    Yes, but they are occuping the property, whereas the OP (I presume) won't even be holding a set of keys for it, just being allowed in to dump their furniture and then coming back on completion day.

    I know just about everything is theoretically insurable, I just think this is likely to be more hassle/cost than it's worth
  • Onawingandaprayer
    Onawingandaprayer Posts: 642 Forumite
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    Supposing we were renting the flat on a short term rental, which the owners have also offered to us an option (we think they feel guilty because probate is taking so long). Would this make a difference?
  • Onawingandaprayer
    Onawingandaprayer Posts: 642 Forumite
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    davidmcn wrote: »

    I know just about everything is theoretically insurable, I just think this is likely to be more hassle/cost than it's worth
    Thanks for comments. It's 'worth' about £700, the cost of storage and removals into and out of store. Which is why we're pondering it long and hard.
  • Freecall
    Freecall Posts: 1,306 Forumite
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    Onawingandaprayer wrote: »
    .... probate is taking so long

    So hang on a minute, not only is a contract for the purchase not yet in place but probate has not yet been granted apointing the people you are dealing with as executors.

    You really do need to discuss all of this with your solicitor.
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