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House insurance renewal, but moving.
deuteronomy
Posts: 23 Forumite
Hi,
My house insurance expires on 12th May, but I have bought a new house and exchange should be soon.
If I take renew my current policy and cancel after 14 days, I get no money back! Obviously I dont want to be out of cover, but equally I want my money back for any unused time.
Any ideas?
My house insurance expires on 12th May, but I have bought a new house and exchange should be soon.
If I take renew my current policy and cancel after 14 days, I get no money back! Obviously I dont want to be out of cover, but equally I want my money back for any unused time.
Any ideas?
0
Comments
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Why not ask your insurers their policy (if you pardon the pun!) - you can't be the first person to move mid policy0
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Why not transfer policy to new property - that's what we did. You may have to pay a bit more if the new property is larger/ in a higher risk area etc, but I can't see there being a problem.0
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Think it is often wise to be covered from exchange ... before the "old" policy on the "old" house has transferred.
Speak to your solicitor & current insurers...0 -
deuteronomy wrote: »Hi,
My house insurance expires on 12th May, but I have bought a new house and exchange should be soon.
If I take renew my current policy and cancel after 14 days, I get no money back! Obviously I dont want to be out of cover, but equally I want my money back for any unused time.
Any ideas?
Change to a policy which does give you a refund if you cancel?0 -
1) no you have not. The purchase may fall through.deuteronomy wrote: »Hi,
My house insurance expires on 12th May, but I have bought a new house and exchange should be soon.
If I take renew my current policy and cancel after 14 days, I get no money back! Obviously I dont want to be out of cover, but equally I want my money back for any unused time.
Any ideas?
2) Have you shopped around? Just renewing is never a moneysaving process and this is a moneysaving site
3) when shopping around, look at
a) the premium for current house
b) the premium for new house (I assume you know the address!)
c) the the insurer's terms/cost for transferring a policy
d) whether the insurer willcover both properties between Excange & Completion - many do
e) the other terms of each policy you consider.
Most contracts of sale pass the risk to the buyer on Exchange0
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