Buildings insurance cover from exchange of contracts

misswoosie

Supposed to be exchanging contracts today with completion on Friday. I'm aware that often companies give discounts for buying building and contents insurance at the same time, but ATM we only need buildings cover. Have to admit I don't think I've ever done this before , but then I think certainly for the last 3 purchases we've excahnged and completed on the same day. Our solicitor made a big point of telling us we needed to get the buildings cover. Have got some quotes, but no guarantee that when we go to the same provider to get the contents cover at a later date that we'll be getting the best deal for contents. Doesn't seem possible to get a combined quote and start the cover at different dates.
Also, on the questions they ask if it's your main residence? Maybe it's best to speak to them directly?
I notice on the info sheet on this site it says don't overinsure for buildings. The BCIS site gives an approx' rebuild cost of £80-£110k. The policy quotes are for unlimited or £1 million! Doesn't seem possible not to "overinsure"! Any advice appreciated. Maybe this should've gone in a different forum, so apologies if that's the case.

Mrs36

It will just be easier if you get a combined policy from the start. It isn't usually much more for the contents and some insurers will give free contents if you take buildings insurance with them (MoreThan are one that do this).

Is the property not your main residence?

eddddy

I would do the following...

Get quotes for buildings and contents insurance (online, if you wish) - a few extra days of unnecessary contents cover will cost almost nothing.

Before hitting the "buy now" button - phone the insurer to explain your situation, and see if they have any objection.

Premiums based on number of bedrooms, age of property etc, (instead of rebuild value) are becoming more popular.

If you get a cheaper quote for a 'bedroom rated' policy with a flat-rate limit of £1m or unlimited rebuild costs, compared to a policy with a tailored limit of £110k rebuild costs - just take the cheaper policy (assuming it provides the cover you need in other respects).

Out,_Vile_Jelly

It never occurred to me to take out anything other than combined building/contents from day of exchange. Why create extra work in having to add to it/get another policy later?

G_M

How long is the gap between Exchange & Completion? Cuple of weeks? 4?

Just take out both policies together from Exchange and save yourself the hassle.