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when to insure the house were buying
fragmast3r
Posts: 45 Forumite
hi all, really silly question, when do i need my house insurance to be sorted? its a new build house, we exchange conracts next tuesday and complete friday, so do i insure from tuesday or friday?
many thanks
J
many thanks
J
0
Comments
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The mortgage company should be able to answer this question, I think it will be Tuesday since at this point you are bound to buy the house, even if it burns down in the interim.Thinking critically since 1996....0
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doh, why didnt i think of phoning the ins company and ask, i blame the stress of it all, i said it would be a silly question0
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For the sake of 3 days it's certainly worth insuring too early than too late!0
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My insurance company (prob can't say who in case I get told off for advertising!) give you free cover between exchange and completion. So effectively they start the policy on date of exchange but you only pay from completion, and it's due for renewal one year from completion.
My solicitor wanted to see a copy of the policy summary starting today before she exchanged the contracts (also today :j )Nothing to report as yet...give me a minute...!0 -
josiebabie wrote: »My insurance company (prob can't say who in case I get told off for advertising!) give you free cover between exchange and completion. So effectively they start the policy on date of exchange but you only pay from completion, and it's due for renewal one year from completion.
My solicitor wanted to see a copy of the policy summary starting today before she exchanged the contracts (also today :j )
From tuesday - also check the small print. They may pay out only for certain things beofre completion0 -
The legal answer is that it depends on which version of the Law Society contract you signed to buy the house. If the risk passes to you on exchange then you must have buildings insurance in place from that date. If the risk doesn't pass on exchange then you are not required to do so - but it is advisable to do so either way, as others have advised.
You don't need the contents insurance until you move in.0 -
ill phone insurance co tomorrow, but as has been pointed out for sake of 3 days, will see about insuring from tuesday
thanks everyone 0 -
Ours was from day of exchange, we exchanged on the Wednesday and completed on the Friday.0
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My solicitor wanted us to have insurance in place from the exchange day.There is more to life than increasing its speed.0
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Do a online quote. Much cheaper.There is more to life than increasing its speed.0
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