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Placing buildings 'at risk'
Marffasmuffins
Posts: 2 Newbie
Can some one help please? FTB buying house.
I'm about to exchange contracts shortly and I'm aware that I need to have a a buildings policy in place from that date. However, I'm sure that I was told that I only need to place the property 'at risk' until I complete.
Somewhere along the line I have gotten it in to my head that I don't need to exchange any money with the insurer for this, until I complete the purchase on the property.
Is this correct or have I been dreaming again?
I'm about to exchange contracts shortly and I'm aware that I need to have a a buildings policy in place from that date. However, I'm sure that I was told that I only need to place the property 'at risk' until I complete.
Somewhere along the line I have gotten it in to my head that I don't need to exchange any money with the insurer for this, until I complete the purchase on the property.
Is this correct or have I been dreaming again?
0
Comments
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"On risk" means you've insured it, insurers do have a nasty habit of wanting paying to insure something. Personally I think they're just trying to get even with peeps who expect their claims paid when they've insured something!!
Yes you have been dreaming again Marffasmuffins!!
BoL with your purchase.0
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