Monthly/temp buildings insurance needed whilst property on market

Jase_31_2

I have a property that was left to me by my parents. The property must be sold as the other brother/sister wants the capital. The property will be on the market this week.

The previous buildings insurance has just expired. Is it possible to take out a building insurance on a monthly basis. If I take out a annual policy and then cancel, the cancellation/admin fees will absorb any premium that might have been able to be reclaimed.

Anyone else been in a similar position, needing temporary insurance. Any recommended links?

mime20

Sorry not been in the same position, but I see M&S home insurance has a bit in the FAQ's about covering two properties whilst you're moving house:

"It may be possible to cover both properties until one is sold, but some restrictions may apply when a house is unoccupied or unfurnished. A charge will apply whilst both homes are insured. Please call 0800 068 2742 for more details."

I know it's not the same situation, but it might be worth giving them a ring, or otherwise try an insurance broker.

zappahey

You might find it a bit tricky if the house is going to be empty for any length of time, as most insurers have a limit on how long a house can be empty and still covered.

It would be worth making sure that the empty property is covered.

Fire_Fox

I'd be inclined to speak to the current insurers to see if they can extend the current cover for another few months, with the understanding that the property is empty and will be sold in due course.

Doozergirl

The current insurers may be an idea, otherwise you should speak to a broker and ask them for appropriate cover for an unoccupied property which is on the market.

You can buy insurance in 3 month blocks but my experience is that it is more expensive - if you do need to extend then you may well as paid for a year. What is most important is that you have the correct cover rather than an easy get out. The property is vulnerable as it is.

Davesnave

When this happened to me, I was able to get Saga to continue the policy, but I had quite a job persuading them. I think this worked out cheaper than starting afresh with another company and a very empty house.

You may think you will only be on the market for a few months, but so did quite a few of us! My probate sale took ten months.