House insurance before exchanging

chriss1979

Maybe a daft question but when we are first time buyers so please bear with me..

When taking out buildings insurance before exchanging on a property where would the insurance documents be sent to as all the quotes Ive had only ask for details of the property being insured which obviously we dont own yet?

Apologies if this is a stupid question!

Chris

Framps

You can usually give a different correspondence address (as this situation comes up all the time) - most of the major insurers have websites that allow this. If you have not been prompted, then give them a call.

vegasbaby100

They will be sent to the property that you are buying.

You will also want to make sure that you are covered from the period of exchange also. as you are obligated to to purchase the property from that point forward even if there is damage caused i.e a fire. I am sure the vendors will maintain insurance however also

DVardysShadow

What Framps says. Call centres too. The only thing is, some call centre staff are not always bright enough to make the distinction and think it is really strange to have a quote sent to another address - I imagine it's those who have not been there long. Probably 10% of new business comes with exactly this scenario

chriss1979

Thanks for the replies that helps a lot, should hopefully know when the exchange date will be this week so can then take the policy out.

not_loaded

vegasbaby100 wrote: »

They will be sent to the property that you are buying.

You will also want to make sure that you are covered from the period of exchange also. as you are obligated to to purchase the property from that point forward even if there is damage caused i.e a fire. I am sure the vendors will maintain insurance however also

A common misunderstanding here. You are not obligated in any way to buy a property that has changed since viewing/survey. Fire damage definitely counts as a significant change.