Buildings insurance between exchange and completion

anandp

Does anyone have any recommendations for buildings insurance between exchange of contracts and completion in a house purchase?

From exchange, I'm responsible, but most comparison sites seem to not have this option and often ask "is this your main home". As it isn't yet, its hard to get a quote.

dunstonh

You answer as yes as your main home.

anandp

But while I'm waiting to sell my current house, its not my main home.

dunstonh

It will be your main house. You not asking to insure it now whilst it isnt.

anandp

dunstonh wrote: »

You not asking to insure it now whilst it isnt.

Yes I am. I am legally obliged to complete, and therefore buildings insurance after exchange is my responsibility

marlot

anandp wrote: »

But while I'm waiting to sell my current house, its not my main home.

My insurer (John Lewis) covered both houses for the period. No extra charge, either.

Lu_Lu

When we did this I just called up our insurer and let them know that I was moving and they stopped the buildings insurance on old house and started it on the new one.

pinkteapot

Arrange by phone instead of via comparison sites. All major insurers can handle this situation. They'll ask for your exchange and completion dates. Most can do buildings from exchange and automatically add contents on completion date for you.

It only gets tricky if you have more than two weeks between exchange and completion as some insurers aren't set up for that situation, so your choice is more limited. We had two months between exchange and completion and had to use a high-end insurer as normal ones wouldn't cover it.

System

Lu_Lu wrote: »

When we did this I just called up our insurer and let them know that I was moving and they stopped the buildings insurance on old house and started it on the new one.

The OP's point though is that there is an overlap.
You have a financial interest in the new home from exchange of contracts, but you don't terminate that on the existing home until completion.

anandp

Clifford_Pope wrote: »

The OP's point though is that there is an overlap.
You have a financial interest in the new home from exchange of contracts, but you don't terminate that on the existing home until completion.

Yes and actually I won't be terminating on the existing one for a few months yet while work is done on the new one, we'll be living in the old.

dunstonh

anandp wrote: »

Yes and actually I won't be terminating on the existing one for a few months yet while work is done on the new one, we'll be living in the old.

This information would have been useful in the first post as it makes your situation different to the norm.

Most people would not be in your situation. They would move on a given date that is the date the insurer uses but then most would automatically cover the house move and exchange period.

FTB would put on risk from exchange.

You however, are going to have two properties. So, you will need two policies. It is unlikely you will be able to use a comparison site given that you will not be living in the new property and work is being carried out. However, the same principle applies in that you put it on risk from exchange.