Building Insurance

sheedatali

Hi Guys,
I am buying a house that is part of a chain. The vendors I am purchasing from want to exchange 3 weeks in advance of completion as they are going on holidays and they want to move out as soon they get back.

I am getting confusing information about building insurance, since the vendor is still in the property till the completion date, do I need to get insurance from the date of exchange or from date of completion?

The vendors have their own insurance for the property, if I were to get another insurance from my side too, it will be two insurances against same property. In the even of something going wrong between now and completion, which insurer will cover the costs?

Can someone please clarify this?

Thanks
Sheeda

hcb42

date of exchange is usually required as you are committing to buy , very few go wrong at this stage, but let your insurers worry about resolving the claim if something does go wrong.

kingstreet

It depends on what version of the standard selling conditions your solicitor is using. Normally, the purchaser now accepts risk from exchange of contracts so you insure the property just in case the vendor lets their cover lapse, as you still have to honour the contract even if the property has been destroyed in a fire.