Buying building insurance for exchange. Should I get something temporary?

Kashh

Hi everyone!

I searched and read through some of the old threads and understood the reason for buying insurance for exchange. I searched for quotes and they seem to be affected by the kind of locks and burglar alarms. I am planning on upgrading the security and adding alarms etc to the property. If I get a policy right now, it would be higher because it wont reflect these changes, which I can't implement till completion.

What should I do? Buy something temporary for a month, then upgrade the hardware and get a new policy? Or do insurance policies allow you to change the rate if you upgrade features of the house?

Thank you!

paddyandstumpy

Why not take out buildings only until you complete, and add contents cover at that point?

I doubt you'll find an alarm condition on a buildings only policy.

Kashh

paddyandstumpy wrote: »

Why not take out buildings only until you complete, and add contents cover at that point?

I doubt you'll find an alarm condition on a buildings only policy.

Our solicitor asked us to get it when exchange happens. Other posts here explain why (onus on the buyer if something happens). Yes, I will get building and content insurance.

But the current quotes do not reflect the level of security which I will implement within 2 weeks of ownership. So what's the best course?

Quentin

Do dummy quotes online with and without the security features and see what difference they make to the premium.


If its cost effective then buy a policy now then cancel it after the security upgrades are completed. And take out a new one.

Though you may be disappointed at the "discount" on offer!

paddyandstumpy

Kashh wrote: »

Our solicitor asked us to get it when exchange happens. Other posts here explain why (onus on the buyer if something happens). Yes, I will get building and content insurance.

But the current quotes do not reflect the level of security which I will implement within 2 weeks of ownership. So what's the best course?

That's what I said, but the inverse.

Try and talk to the insurer, I know LV= allow 28 days from the application of the endorsement for security to give a chance to upgrade it.

Other insurers may too, but you'll need to ask them.