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Home insurance from exchange
Calleja
Posts: 197 Forumite
Due to exchange this week, told by solicitor to have buildings insurance in place. Spoke to one on the phone, he said they can't insure from exchange, only completion. They claim its due to the property being unoccupied (by me) during this time.
Anyone encountered this before?
Thanks!
Anyone encountered this before?
Thanks!
0
Comments
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We took out insurance a couple of weeks before completion as the lender required this.
Now this was for a BTL which needed a lot of work doing from day one but I would ring a couple of other insurance companies0 -
Are you a FTB?
If you already have insuranceon your current property you may well find they will cover your new property from Exchange automatically - check your policy.
Otherwise, ring around. Insuring from Exchange is common and most insurers will offer cover.0 -
Yes. It is an artefact of the 'computer says NO' mentality..... Anyone encountered this before?
Any company which insures a property should know that buyers will need to insure from exchange. If they won't, then they should not expect future business.
Name the insurance company and try others.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
Thanks all.
Yes, I am a FTB so cover from an current insurer isn't relevant.
The insurance company seemed to make out that it was my solicitor making an unreasonable request, which if I hadn't been a stalker on these pages for ages I might have believed, but I knew it was common to insure from exchange so I just hung up on them (probably rude but I had already waited 20mins to get a real person on the phone so I was at the end of my patience).
Anyway, it seems easy enough just to organise cover online and not state I am in the process of buying the house - but does this mean I am not covered if anything should happen, and should make sure the cover states its from exchange? Even if there is only going to be a week in-between?
Thanks again.0 -
Ifdoing this, I would read the policy document carefully first (it will be online) to see whether they would be able to reject a claim if you had to make one.0
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