About to exchange - need buildings insurance

longwalks1

I am about to exchange and been told I need buildings insurance before my solicitor can exchange contracts, should i just take our buildings only cover, and then add/upgrade it to contents as well on moving day? (once I get a date)

Been told by guys at work 2 people cant insure the same property (i.e me and the seller) but surely both our policies will overlap by a few weeks? Is this normal?

retepetsir

We only required insurance from the date of completion, as the vendor was expected to have liability between exchange and the completion date. We just had to prove that we had it in place.

They can overlap, so just get it set up asap. I added both buildings and contents as the admin fees for changing the policy to include contents meant it wasn't worth waiting!

kiddakidda

britishboy wrote: »

I am about to exchange and been told I need buildings insurance before my solicitor can exchange contracts, should i just take our buildings only cover, and then add/upgrade it to contents as well on moving day? (once I get a date)

Been told by guys at work 2 people cant insure the same property (i.e me and the seller) but surely both our policies will overlap by a few weeks? Is this normal?

Although 2 policies may be effectively running in the period between exchange and completion, it will be your policy that you would need to claim from in the event of something happening to the building.

Whether you start the contents policy at the same time is down to you.

kiddakidda

As far as I am aware buildings insurance is required from exchange as this is when you have legally agreed to purchase the property.

In any case, do what your solicitor is advising you.

kingstreet

Assumption of risk at exchange of contracts depends on which version of the Standard Conditions Of Sale the solicitors have used.

Version 4 has one way, Version 5 the other (IIRC).

I would always ensure buildings cover is in force from exchange, just in case.

stator

For me the difference between "contents cover" and "building and contents cover" is so small it's not worth the hassle. If you do take them out seperately, would there be an admin fee to pay when you amend the policy?

longwalks1

Thanks everyone, just wanted to check. Just looked and the difference is about £4 a month, so not worth worrying about.

Have finally sent both TR1 forms back today (for sale of my flat, and purchase of house) so hoping exchange is within a week or 2, so will start the policy a week from now

Thanks again everyone

Foxy-Stoat_3

Buy buildings insurance only, then once your in get contents insurance...that way you can get two Meerkats !!!!