When to get insurance

driver85

Hi all, apologies if this has been posted elsewhere already. We're just in the process of buying our first house and need to arrange home insurance and life insurance etc.

I was just wondering if you can buy insurance when you don't have a move-in date? Do you just take out the policy and cancel if something goes wrong with the sale? Can you let them know a start date once you have it?

I've been waiting for a move-in date to buy the insurance, however we're being messed around by our solicitors and I have a feeling things will move quite quickly when the paperwork eventually gets sorted. I dont want to be left running around to get the insurance sorted out!!

Thanks in advance for your help, I've asked our solicitors but they've been useless thus far.

driver85

bump! would really appreciate some advice. Thanks

lisyloo

I suggest you do your research and choose a company now.
Then get a quote on line and save the quote which are normally valid for 30 days.

When the time comes then just change the date and buy it on-line.
That should allow you to do the research up front and spend minimal time buying it.

However be aware that if you buy direct and not through a broker then it's your responsibility to check both the suitability of the policy and that the input details are correct.
There are many options on house insurance e.g. accidental damage, legal cover, bicycle cover, valuables, freezer cover, personal possessions etc, so spend a bit of tine checking the suitability and the accuracy of the documents you receive.
If you get no advice this is YOUR responsibility.

These days a lot of people like to take advantage of the cheapness of going direct but sometimes don't seem to understand the responsibilities that go with it.
If your borker makes a mistake you can claim off their insurance.
If you make one then it's your look out.

somewhatnew

Regarding you life cover / critical illness / income protection etc. apply now with a start date to be confirmed. These policies, depending on your health and other factors, can sometimes take a month to organise if the insurer needs to contact your Doctor or if a medical screening is required.

With a start date to be confirmed you can have the policy accepted, you then have 6 months to start it (depending on the insurer - check this) and as soon as you are aware of the exchange date inform the insurer or broker and they will start the cover from that date.

Remember the exchange date is key, not the completion date. You become liable once you exchange contacts, if you fall ill or die before completion having exchanged you have to complete even if it means your estate takes the hit.

Another reason to do it early is because you will have so much other paperwork going on at the same time... council tax, gas, electric, phone, broadband etc. It will help make your life a little easier at what is a very stressful time!

lisyloo

if you fall ill or die before completion having exchanged you have to complete even if it means your estate takes the hit

I don't think this is correct.
You have made a contract and you are liable to the other party for their losses but you don't HAVE to complete.
For most people, in most scenarios it would make sense to complete rather than lose money, but the one exception might be death, where it might be prefereable to lose a deposit (or costs you are liable for) rather than have an unwanted house with no occupant.
It would depend on a case by case basis but legally I'm sure you don't have to complete but are liable for the other sides costs. It just happens that in the majority of cases that completion is the best option due to the sums involved.

mattymoo

You need to sort buildings insurance out so that it commences on exchange of contracts, not completion date.

Quentin

Your solicitor should not exchange contracts until you have your buildings insurance in place.

mattymoo

lisyloo wrote: »

If your borker makes a mistake you can claim off their insurance.
If you make one then it's your look out.

Just loved the typo lisyloo. I'm sure Dacouch will too.

driver85

Thanks all, will get looking now!!