Insuring a Property Before Exchange - Please Help

MidnightMaiden

Hi, I know there has been a previous thread about this topic, however they were asking advice as to whether they have to insure. I'm actually asking the opposite.

My partner and I are in the process of buying a property, it is a private sale and is vacant. It has taken slightly longer than expected to get to exchange due to some issues at land registry (all being sorted out and everyone happy) The Vendor has very kindly already given us a key to the house to let us start storing items (it's a bit run down so needs kitchen, bathroom, re-dec that sort of thing).

Exchange is likely to be in the next two - three weeks, but as we are beginning to store bits and pieces at the property we want to insure buildings and contents asap i.e. before we have exchanged... is this possible to do considering as of yet we don't actually own it?

All and any help appreciated. Thanks in advance.

Errata

I would have thought that as the vendor has given you permission to store 'bits and pieces' in the house their building and contents insurance would cover.

Ian_W

Not sure about the contents but I'd be surprised if you yet have "an insurable interest" in the building so even if you took out a policy I think the insurer could get out of paying.

If the house burned to the ground pre-exchange, you would either walk away or renegotiate a price for the land & damaged building. Once you've exchanged it's more difficult to do either, so you have a finacial interest in the building.