insurance when moving home

Woody69_2

Am I right in thinking you must have building insurance in place at exchange? If I tranfer my existing policy that would mean my current home was no longer insured at exchange which doesn't seem right.

Woody

prutter

Yes you do. I
would guess they'll have some kind of temporary measure to cover both until completion?

Or, perhaps your buyers bld ins will cover your gaff from exchange?

courtjester

It is advisable to have the property you are buying insured in your name from exchange of contracts as you have an insurable interest in the property from that point on, even though you don't become owner until completion.

This is in case the building is destroyed, say by fire, and the vendor has no insurance - you are committed to purchase the property in whatever state it is at completion by virtue of the contract you have signed.

You don't transfer your insurance - your own policy should remain in force on your current property up until completion. You need a new insurance cover on the new place from exchange (so that between exchange and completion you are insuring two properties). Speak to your insurers, I imagine they will provide this seamlessly.

Jeewhizz

A few days before exchange, I got a few quotes for the buildings & contents insurance. In the end, I went with hiscox, due to the value of my items. They appear to be very good. They insured the building from the date of exchange, and then insure the contents from the date of completion. You aren't charged for contents until you complete.

Not all insurance companies offered that facility, so it's worth ringing up and finding out!