Insurance on exchange

mrsmchapman

Potentially a silly question but lat time I brought a house I c&e on the same day.

So the solicitor is asking for our building insurance this week as he's hoping to exchange.

So do I just obtain building and add contents later or should I just find a good deal for the two and purchase that insurance?

Also if he's planning on exchange Friday, do I wait for him to exchange and then purchase the insurance or do I have to purchase before hand?

Thanks in advance

hamster2013

you can do either
if you are 100% sure about exchange on friday - i would just go ahead and purchase the insurance and date it to start on friday

otherwise, insurance kicks in from the moment you pay
find your deal, and bookmark it - on friday, just activate it by paying after exchange.
exchange can happen anytime - ask your solicitor to do so in the AM and provide her with the insurance forms by end morning

kingstreet

Broker products allow you to make an application and the insurer faxes details of the cover to the solicitor in preparation for exchange.

Buildings insurance can start from exchange, with contents cover starting from completion.

Direct products don't seem to work like this, with you expected to commence cover immediately you apply.

sirmosh

May as well get buildings and contents from exchange, I doubt you'd save more than pennies by getting contents a week or two later.

Blondygirl

Hi,

If you have house insurance now speak with your current insurance company. I’ve spoken to mine & we just have to call them on exchange day & they will hold cover on both properties for us until completion. On completion the policy will swap over to the new house & we just have to pay the little bit extra then as it’s a bigger house.