When do I buy house insurance?

linclass

Hi all,
Just got the call a couple of hours back, all in chain have exchanged - we're moving next Tuesday. I seem to remember it's necessary to take out Building & Content insurance as soon as exchanged rather than the move-in date. When should I insure please?

Thanks

LL

anselld

These days it is normally insure from exchange date. Your solicitor should have advised you of this (and indeed confirmed on behalf of your mortgage co).

linclass

Thank you anselld; no mortgage, cash purchase. Solicitor advised? That's a joke ... I had to chase them the WHOLE JOURNEY .... won't use 'em again.

Thanks,

LL

stator

Technically you would only need buildings insurance right now but it's probably cheaper to get them both together now than try and split policies or pay amendment fees later.

lee111s

I would definitely get insurance now. If the house burns down tonight you're legally obliged to purchase the property.

Peronihull

^^^^ what they said.

Being a buyer who's new home has flooded but only discovered between exchange and completion get adequate insurance as soon as you can...

G_M

Your seller might have insurance.

The terms of your purchase contract might require the seller to insure, rather than you (read the contract!).

But far batter to have two policies in place for a week or so, than none!

Insure.