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Home Move & Renewal Tactics
chambta
Posts: 2,770 Forumite
The renewal date for my existing B&C insurance is in a week but I'm hoping to exchange contracts on our new house next week.
My solicitor indicated that he's going to aim for a completion date around two weeks later.
I've already done a little research on prices for my new house but I doubt I'd end up with the prices I've seen if I initially take it for my current home and then change address (which would likely incur an admin charge).
Should I be cheeky and take a policy out with someone for my current home and take advantage of the cooling off period if the dates allow?
I can then just arrange the cheapest quote direct for my new home for the desired date.
Any other ideas?
My solicitor indicated that he's going to aim for a completion date around two weeks later.
I've already done a little research on prices for my new house but I doubt I'd end up with the prices I've seen if I initially take it for my current home and then change address (which would likely incur an admin charge).
Should I be cheeky and take a policy out with someone for my current home and take advantage of the cooling off period if the dates allow?
I can then just arrange the cheapest quote direct for my new home for the desired date.
Any other ideas?
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Comments
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Should I be cheeky and take a policy out with someone for my current home and take advantage of the cooling off period if the dates allow?
You could do but you need to be aware that they can charge you for the period covered (even if its days) and a cancellation charge, even in the cancellation period.I can then just arrange the cheapest quote direct for my new home for the desired date.
Why cheapest? Why not most suitable?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You will still get charged within the cooling off period a time on risk, plus an admin fee that does not constitute a penalty i.e to cover their costs.
Why not just arrange a policy for the new house, as you need Buildings Insurance from exchange (unless it is a brand new house) and keep the current one going for the time you need it. One way or another you face having to pay for the cover plus cancellation or amendment charges. It is just a case of looking at what these are and trying to navigate to find the cheapest option. Can't really work this out on an internet forum.
Sometimes speaking to a local broker can be a good idea. Explain your needs and they will help find the cheapest way forward.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 -
You could do but you need to be aware that they can charge you for the period covered (even if its days) and a cancellation charge, even in the cancellation period.
Why cheapest? Why not most suitable?
No company I've ever been with have charged for cancelling within the fourteen days. Are they even allowed to, particularly if purchased online?
By cheapest, I meant the cheapest of those suitable.0 -
They can and most do but some don't I believe.
It really depends on the cost of the policy, taking into account the charges. You have to phone around to get quotes, ask about such charges and weigh up your options.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 -
They can and most do but some don't I believe.
It really depends on the cost of the policy, taking into account the charges. You have to phone around to get quotes, ask about such charges and weigh up your options.
Certainly policies offered by RBS group companies make no such charge.0 -
Certainly policies offered by RBS group companies make no such charge.
Why not approach them to cover both properties. See what they can do in terms of cost to cover both.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 -
Why not approach them to cover both properties. See what they can do in terms of cost to cover both.
Knowing I need cover from exchange what I'll probably do is just arrange and pay for my chosen policy (Kwik Fit looks best bet) and if there's a period of up to two weeks after my current insurance runs out I can cheekily take out a policy knowing I'll be cancelling it at no charge. Obviously if something goes wrong between exchange and completion I have both properties insured.0 -
No company I've ever been with have charged for cancelling within the fourteen days. Are they even allowed to, particularly if purchased online?
Yes. They can charge during the cancellation rights period.
You tend to find its the ones near the top of the quote comparison sites that make these sorts of charges. (hence why they are top of the price comparison sites). Those a little further down tend not to.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes. They can charge during the cancellation rights period.
You tend to find its the ones near the top of the quote comparison sites that make these sorts of charges. (hence why they are top of the price comparison sites). Those a little further down tend not to.
As you rightly hinted at price is not the only factor with insurance. I've always satisfied myself with pretty basic cover (ie no accidental damage, personal possessions etc) but stuck to fairly well known names.0
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