Advice on transferring buildings insurance

Bea787

Hi all,

Am buying a property which has some small cracks - structural engineer been out and drain survey carried out and advised possible leak to drains caused some settlement, fix drains = should fix problem. So far, ok.

Because of cracks both struc engineer and home buyer surveyor advise that the vendors ensure their existing buildings insurance can be transferred over to me for the first year, just to ensure that I am covered if any further difficulties arise.

Then I get confused Vendor asked insurer (Santander) and on first request they said yes no problem. Then they rang them to confirm and they said no, it's not a process that occurs. I rang also to enquire and got the same response. They said I can take out a new policy on the property but one can't be transferred. I went back to surveyor and struc eng and both say it is completely normal procedure! 2 contradictory views & I don't know which is right.

I am lost. I am unsure if taking out a new policy with the same insurer equates to the same thing as transferring it (it doesn't sound like it).

Furthermore, I have tried to get other quotes as everyone is advising me to check buildings insurance in these circs but when you say cracks you have to go to the underwriters and when I ring for advice the insurers don't seem to do that check unless you may actually be taking out the policy.

Has anyone experience of 'transferring' an insurance policy in these circumstances, or can advise how to proceed? I don't want to end up with a really high premium for cracks which everyone is saying should be fine but which insurers may be alarmed at.

Thanks in advance ...

ses6jwg

I'm not aware of policies being "transferred"

Your new insurer should send a surveyor out to assess the problem and the company will then choose to underwrite your insurance at a price based on that report, or not cover you at all.

ValHaller

It is not so much the policy being transferred as an existing insurer accepting a continuing obligation to insure a new owner. Vendor needs to produce this assurance from Santander in writing.

Richard_Webster

You don't actually transfer - but you need to make sure that the insurer acknowledges to you that it is aware of all the information given to it in respect of the present policy. You may need to get something in writing from the present owner to confirm that the insurer can reveal such information to you/incorporate it in its statement of facts for the new policy.

Important point is making sure insurer can't say it didn't know about previous history of property.