Buildings insurance on exchange or completion?

Fitzy83

Hi all

Shortly about to exchange on a new build home with a completion date at the end of June. Should I be arranging buildings cover for the time of exchange or not until completion?

I know it's normally exchange but have had conflicting advice that its not needed until completion for a new build. Obviously don't want to waste money if that's the case.

Also, the house is nearly finished (long exchange-completion is based on my rental situation, not building schedule) so if its finished long before June, will that make a difference to when I need to insure?

Thanks for your help

kingstreet

AFAIK the builder retains liability until completion for an uncompleted property, but your solicitor should be able to confirm.

If incomplete, is there a postcode or formal address to actually insure?

I'd also ask your insurer if it wishes to accept the risk, in these circumstances, as the property may be unoccupied for more than the insurer's normal maximum number of days, 30, 60?

Fitzy83

Yes I have the postal address to insure.

I'll double check with solicitor tomorrow. Am torn between not wanting to waste money and peace of mind in case something goes wrong. Maybe I'll just take the hit as its such a long way to completion.

Like you say, could get complicated with the insurance company as they don't give you an option normally for such a length of time empty. Maybe I'll speak to a broker.

Thanks for your help.