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buildings insurance on exchange?
Jingojango
Posts: 16 Forumite
Hi, this is probably something I should know by this point but I'm just not sure.
I'm hoping to exchange contracts on my first house either today or Monday. One of my colleagues, who has recently moved himself, just mentioned that he had to have a buildings policy in place before he exchanged. I haven't got round to this yet - thought it happened at completion - and my solicitor hasn't mentioned it. Does anyone know if I need insurance on exchange?
Many thanks
JJ
I'm hoping to exchange contracts on my first house either today or Monday. One of my colleagues, who has recently moved himself, just mentioned that he had to have a buildings policy in place before he exchanged. I haven't got round to this yet - thought it happened at completion - and my solicitor hasn't mentioned it. Does anyone know if I need insurance on exchange?
Many thanks
JJ
0
Comments
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Yes, you do need insurance at exchange. In the [unlkely] event of the place burning down, you would be forced to buy it. You cannot rely on the vendor's insurance because they may cancel or let the insurance lapse without you knowing.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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OK thanks, i'll get on to that asap0
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May not apply to the OP, but an exception would be new builds which the developers will cover under a block policy until completion.0
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