Insurance at 2 properties

jhsam

Hi guys, after a bit of advice

currently in rented so have a contents only policy, however in the process of buying (supposed to be completing Friday!) but we won't be moving in the property straight away. We will be spending a few weeks doing it up while still living in our rental - our insurance while we are was only taken out Oct 2014 so won't end/be up for renewal till Oct 2015 although I can probably cancel it before hand but that means losing the premium.

My question is, can I have 1 policy that covers 2 properties - I don't really want to take out a separate policy as we will then have a new policy on the new house and a contents policy on this rental till oct (although I could cancel it and lose premium)

getmore4less

Check the fees for cancelling/changing often steep these days.

You should have buildings insurance on the new property from exchange.

you could then add contents when you move stuff it but if you have tools at the place they will need insuring.

jhsam

getmore4less wrote: »

Check the fees for cancelling/changing often steep these days.

You should have buildings insurance on the new property from exchange.

you could then add contents when you move stuff it but if you have tools at the place they will need insuring.

yeah that was my thought, that I would create a new policy for buildings (suppose to be exchanging tomorrow) and then add contents when we move, but then I would be left with the policy here, so thought would add buildings to existing contents but that would be at the wrong address!! As most of contents will be still at rental we need to have contents here until we move......ideally would prefer not to risk no contents on the new house as we will have things in their, like you say tools, some furniture we will be purchasing for delivery there and an american fridge freezer

Pixie5740

I'm in the same boat at the moment. I contacted my current insurer who have set up a new buildings and contents policy for the day I collect the keys for my new place (Scotland) and then I've to phone up an cancel my contents policy when I move me belongings from my current rented home to the new home a few days after getting the keys.

Since I'm sticking with the same insurer they are going to wave the cancellation fee.

jhsam

Pixie5740 wrote: »

I'm in the same boat at the moment. I contacted my current insurer who have set up a new buildings and contents policy for the day I collect the keys for my new place (Scotland) and then I've to phone up an cancel my contents policy when I move me belongings from my current rented home to the new home a few days after getting the keys.

Since I'm sticking with the same insurer they are going to wave the cancellation fee.

thanks for the information - hopefully my insurers will do the same / similar, I'm currently with L&G so they are a reputable company so fingers crossed - I will give them a ring in the morning and see what they can do for me!

caronoel

Whenever I've bought and sold, I've always had coverage on both properties for the period between exchange and completion. It's usually just a quick phone call to your broker.

If its a short period (2 weeks or less) usually there isnt even a charge. Otherwise it'll only be a few quid.

caronoel

Check that your contents insurance covers damage incurred during the move.

Mocha61

Isnt it a requirement of the mortgage that you have buildings insurance from Exchange of contracts and then contents from completion? Your insurer now should be able to help you with this.

jhsam

caronoel wrote: »

Whenever I've bought and sold, I've always had coverage on both properties for the period between exchange and completion. It's usually just a quick phone call to your broker.

If its a short period (2 weeks or less) usually there isnt even a charge. Otherwise it'll only be a few quid.

ahh ok, well that would make things so much easier - fingers crossed that L&G are as helpful

caronoel wrote: »

Check that your contents insurance covers damage incurred during the move.

never thought of that, thanks for the heads up,I will check with them when I ring tomorrow

Mocha61 wrote: »

Isnt it a requirement of the mortgage that you have buildings insurance from Exchange of contracts and then contents from completion? Your insurer now should be able to help you with this.

yes it is a requirement......we only just got told (upper chain sols forgot to inform my sols!!) this morning that they are hoping to exchange tomorrow and complete friday. That's why I am frantically trying to sort this out now before exchange, hopefully tomorrow

pinkteapot

Insurers are well used to this and the vast majority should be able to accommodate covering both properties between exchange and completion.

jhsam

pinkteapot wrote: »

Insurers are well used to this and the vast majority should be able to accommodate covering both properties between exchange and completion.

It's more the face that we will need contents cover at both properties for at least 2 weeks (could be longer) then again I suppose in some cases exchange to completion time can be a month!

Iv'e been on hold for 14 mins so far apparantly though "they are on their way to help"