What sort of insurance do I need for exchange?

novelty-socks

Merry Christmas folks! This place has been a great source of advice on my homebuying journey! Here's my latest question...

I'm on the verge of exchanging on a flat and am aware I likely need some form of insurance in place before I do so. The flat is a leasehold flat, but I'll also effectively own a share of the freehold, by being a director of the company that owns the freehold. (I understand this is a pretty common arrangement.)

I'm a bit confused about what sort of insurance I need to have in place for exchange. My solicitor was reassuring in explaining that the freeholder's buildings insurance was all we'd need until we move in, but on reflection (and probably overthinking things) over the Christmas break, I feel I may also need my own buildings insurance to cover fixtures and fittings (bathroom, fitted kitchen, etc) just in case.

Anyone been through this before and know how it works? Thanks!

SandraX

Solicitors right, but fitting/contents insurance is good if you have many items being left behind that are not fixed. We just got the buildins insurance.
ATB

G_M

If, as is usual, the Freeholder has buildings insurance in place, that is enough. If the worst came to the worst and the building burned down between Exchange and Completion, that insurance would re-build it.


You might want to put a contents insurance in place for your posessions, but not till you move in, so either on Completion, or later if you don't move in straight away.