Buildings Insurance between Exchange & Completion

Moneysaver666

Hello everyone, we are, (after a gruelling 12 months of trying to sell, sale falling through, purchases falling through x 2) HOPEFULLY going to exchange next week.

Now the solicitor has informed us that we are required to have buildings insurance on our purchase from the date of exchange. I'm just wondering how this works? We currently have a combined buildings and contents policy on our current property, I would intend to just transfer this to the new property once we complete. I did phone our insurance co. and ask about covering the new property for buildings only just for the period between exchange and completion but I might as well have been talking gobbeldy gook!

So I guess my question is... did I just get an idiot on the phone and this is something insurance co's do all the time and I should phone back and try try and get parallel cover or...
Should I be getting a specialist short term policy for just the period between exchange and completion or...
Should the vendor inform THEIR insurance co and have us and our mortgage lender added as interested parties on their policy?

Thank you for your help!

G_M

Read you current policy document. Some policies cover a new purchase for this period as part of the existing policy.

If not, check the cncellation terms. Is there a cancellation fee? Do you get a refund for months already paid, pro rata? An option is to take out a new policy for the new property from Exchange and cancel the existing policy from Completion.

Are you selling as well? Another option is to cancel from Exchange. Your buyer will be insuring from that date.

Or transfer from Exchange.

Moneysaver666

Yes we are selling too, otherwise I'd just start a policy from exchange. Obviously my problem is protecting my contents from exchange on existing property, as well as protecting buildings on the new one!

Thanks for the tip on the policy docs - I'll see if I am in fact covered on my new purchase. If not, I guess I'll try my luck again with the insurance co and try and get someone sensible.