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House insurance

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Scotbot
Scotbot Posts: 1,448 Forumite
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in House buying, renting & selling
So it seems from reading posts you need insurance on the day you exchange? How does that work when the date is such a moving feast? I don't currently have any insurance as living with relatives.

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  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    That's correct, you need buildings insurance in place from the moment you exchange contracts.

    Before you exchange contracts, but when it looks like the day may not be too far off, speak to some insurance companies to obtain quotes.

    When you've found one you're happy with, wait until your solicitor tells you that you have exchanged, or the solicitor is in the process of exchanging, then call the insurance company to activate the policy.
  • sevenhills
    sevenhills Posts: 5,885 Forumite
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    I got my house insurance about a month before the sale went through.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Have a look elsewhere on this site for advice about shopping around for insurance. You can set it up in minutes online (unless you have unusual requirements), so you don't really need much in the way of warning.
  • martinsurrey
    martinsurrey Posts: 3,368 Forumite
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    davidmcn wrote: »
    Have a look elsewhere on this site for advice about shopping around for insurance. You can set it up in minutes online (unless you have unusual requirements), so you don't really need much in the way of warning.

    Some solicitors are a bit more picky.

    I've seen one require details of the policy before they would exchange (to make sure it satisfied the lender).

    Purchaser got a comparison site quote, rang them up explained the situation and the company sent the policy details with a note that it would be on risk after exchange, once notified by the purchaser.

    That took a day to sort out.
  • System
    System Posts: 178,093 Community Admin
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    We had to send our solicitors a copy of our insurance details before they'd exchange. We got quotes around a week before our expected exchange date, and on the day I called our chosen provider and set it up. Emailed the details to the solicitor, and that was that. We actually ended up exchanging the following day (vendor's solicitor had gone home for the day by the time we were ready!) so we had insurance for a day longer than we needed to, but that wasn't a problem.
  • Rambosmum
    Rambosmum Posts: 2,445 Forumite
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    We had to show insurance docs before they'd exchange. So bought the cheapest insurance from a comparison site, siting the likely exchange date as the start date. I got the documents emailed to me, emailed them to my solicitor and then cancelled the insurance (as it was within the 14 day cooling off period I didn't get charged) then on the day of exchange I bought the insurance I actually wanted.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Rambosmum wrote: »
    We had to show insurance docs before they'd exchange. So bought the cheapest insurance from a comparison site, siting the likely exchange date as the start date. I got the documents emailed to me, emailed them to my solicitor and then cancelled the insurance (as it was within the 14 day cooling off period I didn't get charged) then on the day of exchange I bought the insurance I actually wanted.
    And did your solicitor check that you still had adequate insurance in place at completion? As that's all the lenders actually care about. If the place burns down before completion it's your problem rather than your lender's!
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