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Questions on buildings insurance.
GSDog
Posts: 162 Forumite
Hi all.
I inherited a house recently and it's almost in the final stages of being transferred into my name, etc.
However, my solicitor has requested that I get it insured and pass on the policy details to him so that he can complete the whole transfer of the mortgage and property.
It's been a bit of a hassle trying to get buildings insurance for the property because it is currently unoccupied and will be for at least the next 3 months whilst it is being renovated. Because of this almost all of the insurers say it is too risky for them to insure.
I've got a quote from Woodstock insurance brokers for £540 as an annual policy. My plan is to go ahead with that policy and cancel it if necessary as soon as it's occupied in 3 - 6 months time.
I've been told verbally on the phone that the cancellation charge is only £20, but I plan to ask for that in writing before going ahead with the policy.
Is there anything else I should look out for regarding cancelling a policy mid-term? I don't want to find any other charges when it comes to it.
Also, I noticed a mistake on the statement of insurance which they sent me. They've got it down as a semi when it's actually detached.
I asked my other half to phone them and apparently they said it's not a problem, but I'm not comfortable with it being down as a semi when it clearly isn't.
Do you know if that could cause problems?
I will phone them back and tell them to correct it but I'm just curious whether it's true that it doesn't make any difference; I find that hard to believe.
Many thanks.
I inherited a house recently and it's almost in the final stages of being transferred into my name, etc.
However, my solicitor has requested that I get it insured and pass on the policy details to him so that he can complete the whole transfer of the mortgage and property.
It's been a bit of a hassle trying to get buildings insurance for the property because it is currently unoccupied and will be for at least the next 3 months whilst it is being renovated. Because of this almost all of the insurers say it is too risky for them to insure.
I've got a quote from Woodstock insurance brokers for £540 as an annual policy. My plan is to go ahead with that policy and cancel it if necessary as soon as it's occupied in 3 - 6 months time.
I've been told verbally on the phone that the cancellation charge is only £20, but I plan to ask for that in writing before going ahead with the policy.
Is there anything else I should look out for regarding cancelling a policy mid-term? I don't want to find any other charges when it comes to it.
Also, I noticed a mistake on the statement of insurance which they sent me. They've got it down as a semi when it's actually detached.
I asked my other half to phone them and apparently they said it's not a problem, but I'm not comfortable with it being down as a semi when it clearly isn't.
Do you know if that could cause problems?
I will phone them back and tell them to correct it but I'm just curious whether it's true that it doesn't make any difference; I find that hard to believe.
Many thanks.
0
Comments
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You don't say whether you are moving in after 3 months or letting it out or selling it.
If you own your own house currently, have you approached your current Insurers.
What happened to the deceaseds Buildings Insurance. Will they not continue the cover for you.
Re cancellation, they might charge a £20 fee, but they might also charge what are in affect short term rates. So it might cost you more than £20 to cancel mid term.
Re semi or detached, they should have the correct information. It could affect the premium slightly.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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