Can't insure my new build!

Hanger_boy89

It's a condition of my mortgage offer that I have Buildings insurance in place before exchange, but every single company I've tried won't insure a house until it's built. Other companies won't recognise the property address as it's so new! What do I do? Does anyone know of any insurers I can use?

sultanabran

It may be different depending on lender/builder/country but I'm in Scotland and my missives with Barratt state that liability remains with them until the date of entry (completion). So I only need to have buildings insurance in place for the date I move in.

Are you sure the condition on the mortgage offer is on exchange and not completion?

da_rule

Clarify this with your solicitor, but with new builds the condition usually does not apply, insurance would need to be on completion rather than exchange.

kingstreet

You usually cover the building from exchange of contracts but not on a newbuild where the builder retains the risk until completion.

Ask solicitor to check with builder's solicitor.

This is probably a result of a poor copy & paste from a non-newbuild client's document.