Does insurance start date matter?

Evaretsuko

Hi all,

Ok so I am now heading towards the finish line in buying a house. Got mortgage offer, survey done, searches done. I am expecting to exchange very soon.

I took out Home Insurance mid last week as the solicitor needed to see the Policy documentation. Not knowing exactly when we would be exchanging I set the policy to start at the end of this week. (a bit too hopeful of me in hindsight)

It's now looking obvious that we wont be exchanging this week, so I'm asking does it matter too much that the policy starts a week or 2 before exchange? I know I could probably ring up and postpone but is it ok if i just leave it??

The sale is very unlikely to fall through now. We are not in a chain and the vendor has bought a new build. So does it matter that I have home insurance on a house that I won't own for a couple more weeks yet?

Thanks in advance!

davidmcn

Doesn't matter if it's too early.

G_M

But for next time,you shop around in advance, choose the policy you want, and show the quote and policy details to your solicitor.



Then on the day of Exchange you ring them or log on as appropriate to actually take out the policy on that day.

D_M_E

Why did the solicitor need to see policy documents?

Did solicitor specifically state policy for buildings insurance?

The normal way of doing it is to exchange contracts THEN purchase the insurance to commence from the date of exchange, not some arbitrary date which could be weeks or months before exchange.

G_M

D_M_E wrote: »

Why did the solicitor need to see policy documents?

Did solicitor specifically state policy for buildings insurance?

It's pretty standard where there is a mortgage and the solicitor is acting for the lender as well as the buyer. The lender requires suitable buildings insurance to be in place from Exchange and the solictor has to check this.


But as explained, the policy does not have to start till Exchange.

Evaretsuko

Thanks for the replies. I understand that I could have waited until exchange to actually take out the policy. But it's done now, so can I get a clear answer on whether it matters that the policy has now started when I won't be exchanging for at least another week?

I should add that im not due to pay the first bill for it until the end of September.

davidmcn

Evaretsuko wrote: »

can I get a clear answer on whether it matters that the policy has now started when I won't be exchanging for at least another week?

Like I said above, it doesn't matter.

G_M

Evaretsuko wrote: »

Thanks for the replies. I understand that I could have waited until exchange to actually take out the policy. But it's done now, so can I get a clear answer on whether it matters that the policy has now started when I won't be exchanging for at least another week?

I should add that im not due to pay the first bill for it until the end of September.

See post 2 above.


If any of us had thought David's reply was wrong, we would have said so double-quick-spickledy-spick!

Evaretsuko

Understood, thanks everyone!