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Building Insurance on exchange
F1001
Posts: 116 Forumite
Hi All,
Please can you help with another of my silly FTB Qs....?
I am required to purchase buildings insurance to start on the day of exchange. My mortgage broker gave me a quote of £1040 for buildings insurance... which is seriously insane. So I went onto the comparison websites (as per Martin's super helpful page on how to get the best quote for home insurance!) - got some quotes for £250-400 - wowser! I thought - called up the quoted insurers to check the details of the cover, and they all (Tesco, Directline, NFU Mutual, Nationwide) told me that they would not cover me! - and gave me some of the following reasons:
1) they will not payout while someone else (not me) is in the house - obviously the current sellers are in the house between exchange and completion?!
2) they would only provide cover for a max of 2 weeks while someone else is in the house - completion is due about 1 month after exchange so I wouldn't be covered for the full time period until completion
3) they would not provide cover for any accidental damage, even if I pay for Accidental Damage cover add on, because the damage would be caused while I am not living in the property - considering the sellers are moving all their stuff out of the house and could accidentally damage something I would definitely go for this add on - esp as sellers won't take as much care as it's not their house anymore
I have asked the broker to "normalise" the cover and then give me a revised quote (the 1k policy pays out up to £1m building cover - the rebuild value is not even worth a tenth of that - and a crazy high contents cover which I don't need) but I still don't think it will come back anything close to the online deals.
My Question:
Has anyone else come across these issues when purchasing building insurance?
And for those who have purchased sufficient cover that deals with all the above scenarios - can you let me know what insurer and policy you got?
Looking for a good policy that includes things like underground pipes and drains that lead to the property, and trace and access cover.
Thank you!
Please can you help with another of my silly FTB Qs....?
I am required to purchase buildings insurance to start on the day of exchange. My mortgage broker gave me a quote of £1040 for buildings insurance... which is seriously insane. So I went onto the comparison websites (as per Martin's super helpful page on how to get the best quote for home insurance!) - got some quotes for £250-400 - wowser! I thought - called up the quoted insurers to check the details of the cover, and they all (Tesco, Directline, NFU Mutual, Nationwide) told me that they would not cover me! - and gave me some of the following reasons:
1) they will not payout while someone else (not me) is in the house - obviously the current sellers are in the house between exchange and completion?!
2) they would only provide cover for a max of 2 weeks while someone else is in the house - completion is due about 1 month after exchange so I wouldn't be covered for the full time period until completion
3) they would not provide cover for any accidental damage, even if I pay for Accidental Damage cover add on, because the damage would be caused while I am not living in the property - considering the sellers are moving all their stuff out of the house and could accidentally damage something I would definitely go for this add on - esp as sellers won't take as much care as it's not their house anymore
I have asked the broker to "normalise" the cover and then give me a revised quote (the 1k policy pays out up to £1m building cover - the rebuild value is not even worth a tenth of that - and a crazy high contents cover which I don't need) but I still don't think it will come back anything close to the online deals.
My Question:
Has anyone else come across these issues when purchasing building insurance?
And for those who have purchased sufficient cover that deals with all the above scenarios - can you let me know what insurer and policy you got?
Looking for a good policy that includes things like underground pipes and drains that lead to the property, and trace and access cover.
Thank you!
0
Comments
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speak to an insurance broker who will find you the best deal. Your mortgage broker is just selling you a policy he can get good commission on.0
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