FTB Home Insurance Qs

earthquakebird

Hi,

My solicitor has asked me to give details of my proposed home insurance cover before exchange. As a FTB, I have a few questions...

- Door locks do not appear to have the heart symbol on them, I guess this means they do not conform?

- Fire alarms are not fitted currently, but I will install them when I move in. I guess I should state this for the initial policy and then change it once I've installed? Is there a charge to make changes to homes insurance once purchased?

- Alarms are present in the property but I'm not sure if they work or if they conform to particular security standards, as some of the comparison sites have asked. What can I put for now?

- As contracts have not yet been exchanged, and a completion date not yet arranged, what date should I put as the policy start date? Will an estimate do?

- When I initially move in, I will be the sole occupier. But it is likely that someone else will move in in a few months' time. Again, can I indicate this later?

- Low levels of damp have been found in the property (I believe this is quite common) but I guess this needs to be recorded as the property not being in good condition. How much will this affect my premium and what happens if I plan to fix this as soon as I move in?

- Are there any absolute MUST HAVES? What should I look out for in policy wording?

Thanks in advance and sorry if these are stupid questions!

G_M

earthquakebird wrote: »

Hi,

My solicitor has asked me to give details of my proposed home insurance cover before exchange.

Presumably you are getting a mortgage and the lender requires this.
If not, it's up to you whether to insure or not.

- Door locks do not appear to have the heart symbol on them, I guess this means they do not conform?
It's the kite mark you need for British Standard. See
https://www.lockrite.org/british-standard-locks.php

If they are not BS, then you'll have to say so on your insurance application (see comment below)
- Fire alarms are not fitted currently, but I will install them when I move in. I guess I should state this for the initial policy and then change it once I've installed?
Yes, if they ask.

Is there a charge to make changes to homes insurance once purchased?
depends on the policy

- Alarms are present in the property but I'm not sure if they work or if they conform to particular security standards, as some of the comparison sites have asked. What can I put for now?
Get your conveyancer to confirm with the seller what kind of alarm, whether working, whether monitored, and whether to BS. This is part of the conveyancing process but will only happen if you make your conveyancer aware of the presence of the alarm

- As contracts have not yet been exchanged, and a completion date not yet arranged, what date should I put as the policy start date? Will an estimate do?
Shop around and get quotes based on estimated Exchange date.
When you Exchange, activate the policy with the correct date.

- When I initially move in, I will be the sole occupier. But it is likely that someone else will move in in a few months' time. Again, can I indicate this later?
Yes - though I'm not sure insurers care much unless the new person is a tenant

- Low levels of damp have been found in the property (I believe this is quite common) but I guess this needs to be recorded as the property not being in good condition. How much will this affect my premium and what happens if I plan to fix this as soon as I move in?
Hmmmm - I would not mention...

- Are there any absolute MUST HAVES? What should I look out for in policy wording?
read a few to compare the variations in the extent of cover, the exclusions in the small print etc

Thanks in advance and sorry if these are stupid questions!

I would look for a policy that

* will NOT charge admin fee for later changes
* WILL reduce your premium when you fit BS locks, smoke alarms etc

Alternatively, simply upgrade the locks and alarms but don't tell the insurer. They are not going to invalidate your policy for increased protection!

And once you tell them you have smoke alarms, you have to use them. If the batteries ran out and they failed to go off in a fire, after you'd declared there were alarms present, they could refuse to pay out (whereas if you'd never declared their presence, they'd have to pay out).

earthquakebird

Very helpful reply - thank you!