Help - buildings insurance quote for house I'm buying?

gelato_cat

Hi all

I need to get buildings insurance quotes in preparation for buying a house (had an offer accepted).

I've read the Home Insurance article and have started with Confused.com - however, I am a bit Confused.com...

If I haven't bought the house yet, can I fill this in? I've got partway through the process and it's asking me if the house is for sale - well, it is, but not by me! I can only fill the stuff in to the best of my knowledge but surely if the policy is based on any wrong information I provide it could turn out to be null and void?

How are you meant to do this if the house isn't yours yet?

Help please!

Suze

dacouch

Do you have an existing home insurance policy?

Kavanne

It's only quotes. Fill it in the best you can and at least you can get an idea of price... When you actually want the policy you can phone the provider and go through it to make sure everything is OK and they can make any amendments before you take the policy

dacouch

Has your solicitor advised you that you need building cover for when you exchange contracts?

slummymummyof3

What about phoning a broker for advice?

gelato_cat

No, I don't. Any ideas?

Suze

dacouch wrote: »

Do you have an existing home insurance policy?

gelato_cat

Thanks. I guess I just need to be careful that they don't send me any post at the vendor's address!

Suze

Kavanne wrote: »

It's only quotes. Fill it in the best you can and at least you can get an idea of price... When you actually want the policy you can phone the provider and go through it to make sure everything is OK and they can make any amendments before you take the policy

gelato_cat

Nope, but everything I've read (online info about the conveyancing process) says you need it. Is it not always needed then?

Suze

dacouch wrote: »

Has your solicitor advised you that you need building cover for when you exchange contracts?

dacouch

I'm surprised your solicitor has not explained what will happen, I'll outline it for you.

Your solicitor will normally require you to have Building only cover in place for the day he exchanges contracts. Your mortgage company will require that their name and normally address and your mortgage reference is noted on the policy schedule. Your solicitor will not normally exhange contracts until he has this in his sight and he finds everything on it is in order.

Depending on the length of the chain you will normally complete (Thats the day the house is officially yours and you move in) around 2 weeks later (Sometimes quicker sometimes slower.

To make sure your solicitor has the original of your schedule (They sometimes will accept a fax etc) you will need to make sure whoever you chose to issue cover can do this.

What I would suggest you do is get your quotes and find which company you want to use, then explain to them you will be exchanging shortly and will need a policy schedule or a correct covering letter from them for your solicitor. You may find some may not be able to send the right documents correctly. If you speak to a local broker they can normally do all this and fax it straight through to the solicitor (Check they can first though).

Once you have got this all in place advise your solicitor you have your cover ready and are waiting for him to let you know when the exchange date is so you can ask whoever you have chosen to get the right document over to him. Your solicitor will have done this many times before so will understand. He will then inform you normally in the morning before about 11ish that they are looking to exchange contracts so you can get the document over to him.

I would suggest that when you ring to ask for the cover to be issued and faxed etc you take the persons name you speak to, ask how long before they fax it and for them to call you when they have faxed it (Then you know its definately done).

Like I said before I think you will find it easier to just let a local broker do this as they are far more likely to get this faxed over almost immediately.

Then when you know you are about to complete (Move in) just extend your policy to include contents cover

I hope this helps