Home buyers insurance

trebor-g

I'm sorry if this has been talked about in the past, but can anyone tell me if Home buyers insurance is worth it? My Mum has said it would cover me for any loses incured if our house purchase fell through. Thanks for reading this.

G_M

Never heard of it! What does it cost? What does it cover? what is the small print?

Do you have a link?

trebor-g

As a new user I can't post links, but protectmove Ltd is one provider and cetapremium is another. I think the idea is you can claim for lose of professional fees.

G_M

Well you're paying £70 odd and can potentially claim
£750 – for conveyancing fees, including Local Authority Searches
£250 – for mortgage valuation fees/lenders fees
£500 – for survey fees and valuation fees
But not in every instance of the purchase falling through, only specific circumstances. And only within 90 days, so if the purchase is in a chain and drags out, and then fails, no payout.

Like all insurance it's like gambling:
put money on a horse, if it wins you make money;
put money on the insurance, if the purchase falls through, you save your money;