Insurance before/after exchange

BladeY_2

Hi all.

Just wondering you could help me.

I'm due to exchange contracts tomorrow and complete Friday,

During my mortgage application via a broker, they asked if I need home insurance and I did. So they did a quote and I said yeah that will be ok.

Now I've done some quotes on comparethemarket and it's like 50% cheaper plus more benefits (such as Accidental Damage)

I plan to ring them tomorrow to say i won't be going with it. But will my solicitor need this for exchange?

I don't want to mess anything up now at this stage or shall i just go with the brokers insurance and cancel after I'm in and pay a fee?

Thanks for your help

G_M

your mortgage lender may insist that your solicitor checks you have ins in place from Exchange. And even if not, you should.


Just buy your own.

BladeY_2

G_M wrote: »

your mortgage lender may insist that your solicitor checks you have ins in place from Exchange. And even if not, you should.


Just buy your own.

Thanks.

My solicitor said today that we will exchange in the morning and to get the insurance sorted.

G_M

go online.
Check premiums
then check the policies to make sure they meet your needs - they are all different.
decide which you want
wait till your soliitor tells you you've exchanged
go back online and take out the chosen policy


Don't buy it now - exhange might not happen tomorrow. Or ever.

bigstevex

Tell the broker what you found, they may be able to match or something, either way tell them you're cancelling, shouldn't be charged, isn't there a cooling off period?