exchange tomorrow & new house insurance

anican_1985

So we exchange contract tomorrow (completion 28th march) & our solicitor has said that we needs house insurance before she can sign off the contracts.

My question is how can i get insurance in place if we are not at the registered address? we are 1st time buyers so a tad wet behind the ears

peter3hg

I've just had to do this. A lot of insurers allow you to put a different contact address to the insured address.

anican_1985

ok thats good i was worried, out sellers are getting a little annoyed with us, so don't want to anger them anymore buy my mail getting sent there before we actually complete!

da_rule

You can insure pretty much any property you want, you don't have to live there. Most applications ask you the address you want to be insured and then the details of the applicant (you), which includes a different address. Best get shopping around if you need it for tomorrow. Also, check your mortgage documents as they should specify the minimum level/value of cover needed. Also, most mortgage companies insist on some sort of life assurance policy being in place too, do you have this?

G_M

Just get quotes in normal way, based on the new property address and details,compare the prices, then compare the cover provided, and exclusions, and select preferred insurer.

Buy cover.

Print off details and show your solicitor.

dgtazzman

Not as an intent to advertise, but did this yesterday for our new build we're buying (road not yet adopted, which was my biggest problem).

Didn't find many that were able to do this online, most just show a message to phone them on an 0845 number, one I did find that allows this during the online process is John Lewis and this was also marked as one one the most highly rated home insurers on Which? magazine's customer satisfaction surveys over last year. They are somewhat more expensive than most though, but their cover seems more extensive...

John Lewis also has £40 cash back via Quidco.

da_rule

dgtazzman wrote: »

Not as an intent to advertise, but did this yesterday for our new build we're buying (road not yet adopted, which was my biggest problem).

Didn't find many that were able to do this online, most just show a message to phone them on an 0845 number, one I did find that allows this during the online process is John Lewis and this was also marked as one one the most highly rated home insurers on Which? magazine's customer satisfaction surveys over last year. They are somewhat more expensive than most though, but their cover seems more extensive...

John Lewis also has £40 cash back via Quidco.

That may have been because it was a new build and so not properly set up in terms of the address/Royal Mail registration yet?

anican_1985

thanks, yes we have life insurance set up already, doc's signed us both ok :-)

just on a comparison site now, if the purchase price is £150k i take it thats the cost to re-build? its a mid terrace.

& i take it (will have to look through small print) but should be able to alter a few things eg types of locks in a 14day cooling off period? i didnt even realise there were so many types of locks!

G_M

anican_1985 wrote: »

thanks, yes we have life insurance set up already, doc's signed us both ok :-)

just on a comparison site now, if the purchase price is £150k i take it thats the cost to re-build? its a mid terrace.

NO!

rebuild cost is usually less than purchase price, but in some cases may be more.

If you got a mortgage, the mortgage offer will include the rebuild value provided by surveyor when Valuation was done.

Otherwise either pay a surveyor o provide the re-build cost.

Or use the online calculator here.

da_rule

The cooling off period is for cancelling rather than making alterations. You can make alterations but there may be an admin cost and an increase/decrease in premium.

The mortgage offer should explicitly say what level of cover they need.

G_M

anican_1985 wrote: »

& i take it (will have to look through small print) but should be able to alter a few things eg types of locks in a 14day cooling off period? i didnt even realise there were so many types of locks!

If you take out the insurance and the locks on the doors/widows to not conform to the policy requirements, then yes, you can change the locks.

You can take a week to do so. Or 14 days. Or indeed 6 months.

But bear in mind that until such time as you complete this task the insurance will be invalid!

(nothing to do with the cooling off period except that if during the 14 days you decide it is too difficult to change the locks you could cancel and take out a different policy)