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At what point do we buy building insurance?
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Kimlock
Posts: 111 Forumite
Hi everyone,
We're first time buyers, waiting to exchange. Chain free purchase. We haven't been given a completion date just yet. Our broker has advised that we need to purchase building insurance prior to exchanging contracts.
Our problem is, we don't know what start date we should put for the insurance.
Can anyone help?
We're first time buyers, waiting to exchange. Chain free purchase. We haven't been given a completion date just yet. Our broker has advised that we need to purchase building insurance prior to exchanging contracts.
Our problem is, we don't know what start date we should put for the insurance.
Can anyone help?
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Comments
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Your insurance needs to start on the day you exchange, as you're committed to buying the property at that point.0
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So you can't buy home insurance until you've got an exchange date?Hi. I'm a Board Guide on the Gaming, Consumer Rights, Ebay and Praise/Vent boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com0
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Chickabiddybex wrote: »So you can't buy home insurance until you've got an exchange date?
You could, but why would you want to pay for insurance for a property you don't own before there's any agreement for you to purchase it?0 -
That's kind of my point!
I've been told to get insurance sorted out prior to exchange but I don't know when we're exchanging and I don't know when we're completing.
I can't get insurance unless I put a start date.0 -
Once a completion date has been agreed then agree on a date for exchange to take place, purchase insurance to start on this date.
A completion date has to be agreed before exchange can take place.0 -
The mortgage company will want you to send them a copy of the insurance certificate prior to releasing the funds, so if exchange and completion are close take it out in advance.Changing the world, one sarcastic comment at a time.0
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In the grand scheme of things, having your buildings insurance start a day or two before exchange is not the end of the world. It costs, what, 30-50p/day? 'course, since this is 2014, it's also trivially easy to buy the policy in minutes flat 24x7.
I really wouldn't be worrying about this.0 -
In the grand scheme of things, having your buildings insurance start a day or two before exchange is not the end of the world. It costs, what, 30-50p/day? 'course, since this is 2014, it's also trivially easy to buy the policy in minutes flat 24x7.
I really wouldn't be worrying about this.
Bear in mind that if you buy online you also have 14 days to in which to cancel it, should exchange be delayed.
But yes, so long as it's in place at exchange not a big issue.0 -
The massive benefit of being online is that you can buy a home insurnce policy almost immediately using a comparison website to get a reasonable range of quotes.
We exchanged last Thursday and insurance was in place (admittedly from about 1pm) on Thursday.The mortgage company will want you to send them a copy of the insurance certificate prior to releasing the funds, so if exchange and completion are close take it out in advance.
It appears that this is not always the case. Santander have not asked and indeed the advance was made without the solicitor or the mortgage company asking for evidence, as the solicitor already has it ready for completion this week.Signaller, author, father, carer.0
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