Insurance between exch and completion

pawpurrs

Something I have never understood, both parties have to have the house insured between exchange and completion, so what happens if the house burns down between the two?

Premier_2

If the house burns down, the contract still holds.

Naturally the buyer may not want to complete, but the contract allows the seller to sue for breach of contract - but can't force the buyer to buy. Hence the seller needs to have the property insured as he still actually owns it.

The buyer can force the seller to sell, perhaps to avoid the damages he may otherwise suffer, but what would a buyer do with a burnt out wreck, hence the buyer needs to ensure his investment is covered by adequate insurance from the point he agrees to buy it. i.e. exchange

pawpurrs

I remember a house I sold (not my own) flooded on completion day, poor new owners opened the door to 6ft of water.