House insurance question.

brock-cruse

Hi all
I know that building insurance on your new house is to be from exchange but what do you do...actually wait until exchange day? Its just that we had hoped to exchange last fri now hoping for this one but nothing is definate. However i have received some insurance documents in the post here for my buyer so has she already sorted hers out then? Not sure if i should do it now or what?
Any advice?

kingkano

I was confused about this too (same position as you). A friend told me you have 14 days cooling off period for insurance so if your fairly sure your going to exchange in 2 weeks its worth doing it now (like your buyer has). He also told me there is a 28days cancellation period, and you will only pay for the insurance you've had (if you want to change it after moving in or things don't move ahead as planned).

Can anyone else confirm what he told me?

silvercar

I got online quotes before exchange and took out a policy on the day of exchange. Your solicitor may try and insist that you take out a policy before you exchange.

I think you do have 14 days to cancel, with a full refund if you haven't claimed.

geraint83

We're waiting to exchange too but don't have a date in mind yet.

Our mortgage is with the Nationwide and we agreed to the buildings insurance when we arranged the mortgage. This insurance is about double the price of the cheapest quote i've found online, but I'm going to stick with Nationwide's insurance until we've exchanged and then cancel it and change to another insurance company within the 14 days cancellation period.

I think that it would be easier this way because if we change to another insurance provider before we've exchanged then we're going to need to provide proof that we have the alternative mortgage and this could possibly delay the transaction.

We're also going to do the same with the contents insurance which will be starting on the day we move in.

benood

I would choose an insurer and get everything set up and arrange to be put "on risk" from date of exchange - you could sort it so your solicitor sends a fax to the insurance company or they might just do it on a phone call.

Talk to your insurers and get them to tell you how to go about it they must be doing it all the time.