When should we start insurance?

okborednow

We're about a week away from exchanging contracts on a new build property but it won't actually be ready until November/December this year. All the information i've been given says we should begin life insurance and home insurance immediately after exchange. Is this really necessary? Paarticularly in the case on building insurance at the moment there is no building as not even the foundations are laid yet. Does anyone have any advice as to when i should take these policies out?

Thanks

kingstreet

Usually on a newbuild, the builder retains the risk until completion, but you need to check which version of the standard selling conditions the solicitors are using.

This may mean you can delay the start of your buildings insurance until completion.

Your life/critical illness cover should still start from exchange, as the survivor would still have to complete, even if one of you died or suffered a serious illness, in the intervening period.