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Home insurance for first house
poshrule_uk
Posts: 165 Forumite
Me and my my partner are about to fly the nest and buy our first house and we have just been told by the solicitor to arrange home insurance.
The solicitor has not been able to give us a completion date yet so im wondering how this effects arranging the home insurance?
Are we just to arrange a date we think it will go through? And if the completion date changes can we change the start date for the insurance?
Cheers
Steve
The solicitor has not been able to give us a completion date yet so im wondering how this effects arranging the home insurance?
Are we just to arrange a date we think it will go through? And if the completion date changes can we change the start date for the insurance?
Cheers
Steve
0
Comments
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Depends a bit on the contract your solicitor agrees with the vendors as to who is liable if there is, eg a fire, between Exchange of Contracts and Completion.
However it is wise, and most solicitors recommend, to insure from Exchange, not from Completion. Once you've Exchanged you are commited, and have to buy (and pay for!) the house even if it has burnt down.
So shop around using best guess dates and find the insurer you want to use.
Your solicitor will tell you when Exchange is taking place (probobly a 'planned' date a few days in advance, then confirmed on the day. At that point ring up and insure from that date.0 -
I agree usually start from exchange as you are then legally obliged to buy the property. If you get your home insurance with your mortgage provider and its linked to the mortgage it would usually start on exchange anyway or at least it did in my case.0
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Relax. Insurance companies deal with this all the time. Ours even covered both the house we were selling, and the house we were buying for free, between exchange and completion. They want your custom and will be very helpful.Been away for a while.0
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I agree usually start from exchange as you are then legally obliged to buy the property. If you get your home insurance with your mortgage provider and its linked to the mortgage it would usually start on exchange anyway or at least it did in my case.
This is a generalisation and not always true - but your mortgage provider's insurance is likely to cost you more than if you shop aroung (which you are free to do).0
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