When to take out buildings insurance

graham17_2

Hi,

I just had a quick question on home insurance. Missives have now (finally!) been concluded on my house that I'm buying (FTB). The exchange of contracts and getting the keys may happen today (yep, it will be extremely short notice whenver it is just because of the nature of it).

So my question is about home insurance. Obviously I need this from the start. But, when I was looking at some quotes, it had some questions such as do the windows have key locks. Now, to be honest, I can't remember from the viewings. So originally I was going to wait for the phone call to say I'm getting the keys (on whichever day this is), then take out the policy right away. But then I wasn't sure to do about questions like that which I can't answer till I see inside again.

So is it ok to wait until I get the keys, go in and check out these things that I need to know the answer to, then go quickly up to my mums (5mins away), and take out the policy online right there and then?

Thanks,

Graham.

Chinkle

Your solicitor should have advised you to take out buildings insurance from date of exchange, as you become responsible for the property from that date.

It sounds from your post as though you are exchanging and completing on same day - today. So get online/on the phone and get covered now.

graham17_2

Yep, it'll be same today - hopefully today. But I won't know till someone calls me and tells me if it's today or not. It's not definite yet.

So is it best just to get covered from today in case it's today, or wait till I know for definite (rather than paying for days I may not use).

As for the questions I don't know the answer to without seeing inside again (i.e. key locks for windows), what should I do about them?

Thanks,

Graham.

AMD1981

I was told to put mine 'on risk' from moment of exchange. I had no idea what this meant so just did it all through my mortgage broker and he sorted it all out for me. I know I paid extra for doing it through him but I didn't have a clue!

bmunky7

In terms of the questions about locks etc... you have to make a best guess and then when you get in you can update it if necessary. You should know if it's PVC doors, got a security alarm etc... from the outside anyway and then either go with the "standard" answers or choose most likely.

graham17_2

Hi,

Ok, cool. Thanks for the advice.

So do you think take it out right now, then if it's today, it's today. And if not, then I hopefully shouldn't be paying for too many days that I won't use? Or wait till I hear a definite then take it out immediately?

Thanks again,

Graham.

morg_monster

i don't think you'll be able to get insurance including today, as we're already in it... think it'd have to start midnight tonight at the earliest?
we just answered as best we could and where we weren't sure, went with the "worst" option and we'll change things once we're in.
Just realised our buildings insurance started this friday just gone, but we didn't actually exchange that day in the end, whoops...

Hopejack

Get insurance asap imo. If that property were to burn down in flames today what would happen??? Probably not going to happen but who knows eh?

Re the locks, just tell them you don't know - insurers are always helpful in this instance - will prob tell you to say there aren't any (always better to err on caution) and then you can update them when you get access and find out - it may be you pay slightly more to begin with if you say there aren't any but that can be amended if there are - hope that makes sense.

I can't believe your sol hasn't advised you re insurance. V poor imo.....

BTW - a day here or there starting your insurance is nothing really in the grand scheme - it just means your renewal will be one day or so earlier next year than the anniversary of you getting the property!

poppysarah

From exchange.
Ring someone up and if they ask say you don't know. When you find out you can ring up and amend the details.

graham17_2

Hey,

Thanks again for all the advice.

I was planning to take it out online as then I'd get the quidco cashback. For things that I don't know, would I best just put down worst case, i.e. no key locks on windows? Then amend it after if they do have them?

Thanks again,

Graham.

g_attrill

I insured with esure (online) and they could start cover immediately.

There are no downsides to insuring it "too early" other than paying for cover you don't need, it should only work out less than £1 a day - a small price to pay!