Buildings Insurance on Exchange

snarffie

Hi,

We've just exchanged contracts on a house and are due to move in in just under four weeks.

I can amend the home and contents policy on my current house to apply to the new house on the day I complete/move in. Unfortunately, my insurer (sainsbury's) can no longer offer new policies , so I need to get buildings cover with a different insurer for the next few weeks until I actually move in.

I have two main questions:

1. Do I just take out a simple buildings/accidental damage policy or should I include legal cover (which I already have on my current house policy). Presumably there is no need for contents cover!

2. As I only need cover for about 25 days, are there any tips on keeping costs down. Are there any policies which have a 30 day cancellation, or is that just for life insurances? Are there any insurers that don't charge cancellation fees/admin fees?

Thanks in advance for any advice.

InsideInsurance

Get quotes and then just go through each one to check their cancellation clauses.

Also be careful that the insurance will be valid, Home normally requires the property to be your main home where you live which isnt going to be the case here.

snarffie

Good point. I'll probably have to do a phone quote to make sure they understand the circumstances.

Quentin

If you are buying a new build you don't need cover (the builder will cover it)


If you are not buying a new build and are borrowing then the lender will have insisted there is cover in place prior to exchange???


You can get cover from Lloyds Bank (not a recommendation) with no penalty if you want to cancel. You just have to give a month's notice.

rs65

My policy includes:-

Cover between exchange and completion when selling your home

If you are selling your home, the buyer will be covered under Section 1 up to the date the sale completes.
But not
a) If the property is insured under any other policy; or
b) after the sale has been completed; or
c) for more than the amount insured by Section 1.