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Buildings Insurance query so early on in the process

We're only 2 weeks into the buying process and I have property information form to complete and there is one about the building insurance. It says:

Who is arranging your building insurance? If you are arranging this yourself please send us a letter from your insurer confirming that they will be insuring the property for at least the re-instatement value shown in your mortgage offer or valuation report

I don't recall doing this in the past. Although I've made a note on previous forms that as soon as exchange has happened I will arrange insurance.

Comments

  • olly300
    olly300 Posts: 14,737 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    It's not going to harm you do to it is it? If not then do it.

    Lenders are making themselves more strict on lots of criteria. Some of this is stupid but in the case of insurance they are just ensuring their asset is protected as early as possible.
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
  • summerday
    summerday Posts: 1,351 Forumite
    I'm at a similar stage to you in the buying process and remember seeing similar wording in our docs. We haven't done anything about it yet, and our lender Halifax said they will arrange for someone to ring me for a house insurance quote so I guess it can't be that urgent as they haven't rung yet.

    Do you know when the insurance has to be in place by? Exchange I'm guessing..?
    Yesterday is today's memories, tomorrow is today's dreams :)
  • Jenny.W
    Jenny.W Posts: 164 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    summerday wrote: »
    I'm at a similar stage to you in the buying process and remember seeing similar wording in our docs. We haven't done anything about it yet, and our lender Halifax said they will arrange for someone to ring me for a house insurance quote so I guess it can't be that urgent as they haven't rung yet.

    Do you know when the insurance has to be in place by? Exchange I'm guessing..?

    Yes it needs to be in place for exchange. if i remember correctly I didn't produce anything until exchange when we bought 3 years ago and that was with Halifax and they insured my current and future property
  • I'd just like to chip in. If I were you I'd look into getting quotes as soon as possible. I didn't worry about insuring our new house until we were a couple of days away from exchange. I didn't envisage it being a problem...... It never has been before. We ended up with a nightmare which almost resulted in our purchase falling through. Next time we buy a house the first thing I will do is get quotes for insurance!
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