insurance - when?

stormCat99

Somewhat conflicting responses here, but the majority vote seems to be for insurance from exchange? Solicitor hasn't even mentioned insurance to me. Obviously I was going to arrange this, but had no idea it would be applicable from exchange.

I am now wondering, as I will only need buildings insurance from exchange, and contents from completion, it will probably end up costing more, as I will be unable to take out a policy to cover both. I would usually take out a single policy for both as it has always worked out cheaper for me in the past.

Hmm, well, can't be helped I suppose. I know what I'll be doing when I get home tonight, trawling for the best deal...:o

kalaika

boots_babe wrote: »

...I am now wondering, as I will only need buildings insurance from exchange, and contents from completion, it will probably end up costing more, as I will be unable to take out a policy to cover both. I would usually take out a single policy for both as it has always worked out cheaper for me in the past.

Hmm, well, can't be helped I suppose. I know what I'll be doing when I get home tonight, trawling for the best deal...:o

You might find it cheapest to take out a combined policy anyway, even if you don't need the contents part yet (depending on how long a gap you have between exchange and completion.) Yes, the contents part will effectively be redundant until you complete but you may find the savings outweight the cost of having two separate policies.

Alternatively, if you know your date of completion you may be able to get a combined policy with an insurer with different start dates for the buildings and contents parts. (I have no idea whether they would go for this or not, but it might be worth asking and finding out...)

lfc321

boots_babe wrote: »

I am now wondering, as I will only need buildings insurance from exchange, and contents from completion, it will probably end up costing more, as I will be unable to take out a policy to cover both. I would usually take out a single policy for both as it has always worked out cheaper for me in the past.

Just get a combined buidlings & contents policy, starting from day of exchange.

Of course it depends how long there will be between exchange and completion, but it is unlikely to be worth getting separate policies. If you're completing within a few days/weeks of exchange (as most people do) the cost of the unneccessary days of contents insurance will be absolutely miniscule compared to the other costs of moving house.

stormCat99

Yes I guess you are probably right. I'm just glad I happen to read the MSE forums or I would never have found out this was required.

Also headed off another potential issue thanks to MSE - in that my solicitor hadn't mentioned that a deposit was required on exchange. Would have been nice to have a bit of warning!! Thanks to reading a thread on MSE i became aware of this and rang him earlier today to sort out.

Phew! Will be glad when this is all over...

johnson293

lfc321 wrote: »

Just get a combined buidlings & contents policy, starting from day of exchange.

Of course it depends how long there will be between exchange and completion, but it is unlikely to be worth getting separate policies. If you're completing within a few days/weeks of exchange (as most people do) the cost of the unneccessary days of contents insurance will be absolutely miniscule compared to the other costs of moving house.

That is what I am planning to do.

We are hoping to exchange by tomorrow, and I have proposed a completion/moving date of 10th July, so was just gonna get a new buildings and contents policy to start at the exchange date.

Policy on our current house expires on 15th July, which I will advise them I won't be renewing, so at least I'll still have cover on our current home until we move.

superfran_uk

Thanks for the info all - wish solicitors would mention these things... not all FTBs have MSE to rely on!