Home insurance putting on risk exchange of contracts , what does it mean?

System

InsideInsurance wrote: »

It isnt normal to buy insurance for you being unable to complete the purchase

Your post appeared to say that you would need insurance to cover a) your own risks, and b) from a seller's perspective in case he came to you for his costs if the contract fell through ?

InsideInsurance

Clifford_Pope wrote: »

Your post appeared to say that you would need insurance to cover a) your own risks, and b) from a seller's perspective in case he came to you for his costs if the contract fell through ?

Ok, I understand. I was more meaning you want to have insurance in place so that the insurance would pay for the total loss of the property and thus meaning you dont "have to" breach your contract by not proceeding.

With no insurance and no house left most would attempt to get out the contract and push the issue into the sellers court rather than continue and pay a 25 year mortgage for a sinkhole.

westv

stator wrote: »

I think the "on risk" part is just your solicitor using silly wording, they often do that.

My sols has asked for a copy of the insurance schedule prior to exchange!