Buildings insurance before completion

Hannah88811

Hi
My OH and I are FTB and received a letter from our solicitor today. Everything appears fine but she has asked for a copy of our buildings insurance (for the house we are buying) to be forwarded to her ASAP. Was just wondering how you get insurance on a house before completion? I have been on the compare web sites and they require you to pay there and then. I'm a little confused.com lol!
Thanks in advance

amnblog

it is normal for you as the purchaser to insure the property from the point you have exchanged contracts, (before completion)n.

You should not be relying on the vendor to have adequate insurance in place and the solicitor can certainly not complete the purchase without insurance in place.

Speak an insurer or insurance broker and they will sort you out.

Hannah88811

I know why, just don't know how. Because we haven't got a date for exchange yet, how can I get a quote?

Din85

Hannah88811 wrote: »

I know why, just don't know how. Because we haven't got a date for exchange yet, how can I get a quote?

Im in the same boat right now.

No exchange date, but its likely to be within the next week !

I have some online quotes and have settled on a policy, but when to take it out ?

You can pay monthly by direct debit as with car insurance etc, would it be wise to simply take it out early, like today ?

I wonder about this simply for time to get the paper work... unless they email proof to you so you can print it ?

plumfin

I had to get this last week for completion on this Wednesday. With the company I used, you can specify the moving in date and all docs were emailed to me immediately, 11pm at night. They also sent me a letter addressed to the Mortgage company, setting out the rebuild limits as they had asked for a letter of Interest. All very simple and easy to arrange.

Din85

plumfin wrote: »

I had to get this last week for completion on this Wednesday. With the company I used, you can specify the moving in date and all docs were emailed to me immediately, 11pm at night. They also sent me a letter addressed to the Mortgage company, setting out the rebuild limits as they had asked for a letter of Interest. All very simple and easy to arrange.

I just read that you cant actually insure the property untill the date of exchange anyway as you have to have a legal interest in it.

Out of interest, what company did you use ?

plumfin

Din85 wrote: »

I just read that you cant actually insure the property untill the date of exchange anyway as you have to have a legal interest in it.

Out of interest, what company did you use ?

I hadn't realised that, but at least I know it is sorted as from Wednesday (fingers crossed!). I went through Top Cash Back, to Together Mutual, part of the UIA Group. I wanted emergency cover, bike cover, legal etc and although the normal comparison sites were ok, none of the policies had everything I needed. I upgraded the policy to include all my requirements and ended up paying £19.20 for 10 months, no interest, with cashback (admittedly tracked at £0 at the moment, but not a bad price given my level of cover) of £65. The letter of Interest was really helpful and I had to call their staff the next day for something else for the mortgage and their service was absolutely fantastic, given I hadn't paid a penny at that stage and I could still cancel.

My Policy is generally £100 excess:
Buildings with Accidental Damage £1,000,000
Contents with Accidental Damage £75,000
Unspecified Items £2,000
Bike £500
Legal Protection & Identity Theft Protection £50,000
Home Emergency £1,000

Din85

That is a fantastic price !

I have a couple of quotes for very similer cover in the region of £28.00 per month (no interest)... hmm may have to do more research !

plumfin

Din85 wrote: »

That is a fantastic price !

I have a couple of quotes for very similer cover in the region of £28.00 per month (no interest)... hmm may have to do more research !

Def use a cashback site then, which could reduce it to £14 per month.

I thought the policy was pretty comprehensive- the comparison sites were hard to read in the end as I had information overload, some had accidental cover, but not bike cover, then the other company would have something else - I really wanted a policy that I can add my own options to.

I needed the Insurance company to sign the mortgage company's own letter of interest and by chance, I was 1 mile from their offices when I took the policy unknowingly. I emailed it at 8.30am and collected it, stamped and signed, at 10am.

I hope to never make a claim, but if it is as easy as getting the docs (my Solicitor thought we would have to wait at least a week for departments to process the request etc), within 3 working hours, then I will be happy. My other request was a UK Call centre, so when I called and got a lady in Stevenage, it was happy days! Will let you know if I ever have to claim!!

Thrugelmir

Din85 wrote: »

I just read that you cant actually insure the property untill the date of exchange anyway as you have to have a legal interest in it.

The policy would be void until contracts are exchanged in the event of a claim. A few pounds for insurance is worth it considering you are committed to spending thousands once contracts are exchanged.

Din85

Thrugelmir wrote: »

The policy would be void until contracts are exchanged in the event of a claim. A few pounds for insurance is worth it considering you are committed to spending thousands once contracts are exchanged.

Ah right, so does that mean it would do no harm to take a policy online now then ?

Im not fussed about the cost for a few extra days, i just wanted sorted as our solicitor wants it for exchange.

Our contracts are going back in to the solicitor all signed tomorrow.