Long (6-8 weeks) exchange to completion insurance options

CMJS

Hi,

I am trying to find buildings insurance for our (hopefully) new house between exchange and completion, which will be 6 to 8 weeks. The property will be occupied by the vendors during that period.

I phoned our current insurers Admiral but they are unable to support us due to the duration (they offer 30 days max). It seems this is a common issue with 'normal' buildings insurance.

Does anyone have any recommendations for 'normal' insurers who will support this duration, or for specialist insurers? The only one i have found so far is Exchange2Completion.co.uk, a.k.a. Bickers Insurance Services - are they any good (particularly in the event of a claim)?

Or are there other options i should consider?

Completion date is limited by vendors earliest move out date (they are waiting for a new build) and we want to exchange asap so don't want to just wait a month or so.

Thanks very much

Sedge123

Two years ago we had 5 weeks after exchange before completion. We insured with directline, they were fine with the situation.

CMJS

Thank you Sedge123. I have given Direct Line a call and was told they can do a new 12 month policy with up to 3 monthhs exchange to completion period. So thats one solid option :-)

Other recommendations still welcome!

Thanks very much

Thrugelmir

CMJS wrote: »

Completion date is limited by vendors earliest move out date (they are waiting for a new build) and we want to exchange asap so don't want to just wait a month or so.

Without a confirmed completion date. There's little point in exchanging. As it's exchange of contract that sets this date in concrete with regards to legal matters. While you say 8 weeks. It could drift out to 10 or 12 weeks.

G_M

You can exchange without a firm completion date. This is commonly what happens witth New Builds, since builders cannot be 100% confidant when the house will be finished (this time of year a heavy snow could set it back weeks).

But there is a long stop date ie a ates date by which completion will happen. Also pssible to build penalties into the contract if dates are missed.

CMJS

Thank you Thrugelmir and G_M for your concern and info on completion date. Have been through the complexities of new build exchange and completion with our solicitor but thankfully the vendors have effectively disconnected their sale and purchase and instead are just defining an earliest completion date. They will move into temporary accommodation if need be to avoid holding up the chain any further. So we expect to exchange with a defined completion date.

CMJS

To add to the discussion, we are going to be extending the property hopefully in the summer, so ideally we would have insurers from the start that are helpful with regards to insurance for/during building works.

Thanks again

da_rule

Another option could be to agree an amendment to the contract where the seller keeps the insurance policy up and you give them some money for doing so.