Homebuyer protection

Lukeedwards88

Hi,

We are in the process of selling our property, and are looking at reserving a new build property.

Is it worth getting Homebuyer protection in case anything falls through with the sale?

Or will that not be covered

Thanks

foxy-stoat

I would read the policy terms and conditions and find out how they can wiggle out of paying. I would spend the £50 or whatever it is if the policy didnt have too many get out clauses.

eddddy

Lukeedwards88 wrote: »

Hi,

We are in the process of selling our property, and are looking at reserving a new build property.

Is it worth getting Homebuyer protection in case anything falls through with the sale?

Homebuyer protection insurance is supposed provide cover if specific problems happen on your purchase - like you're gazumped, or the seller withdraws the property from the market.

It doesn't cover anything to do with the property you're selling falling through.


But... this insurance sounds fundamentally dodgy. The companies selling it say things like:

• 3 in 10 property purchases fall through
• The insurance provides £1,500 cover for a £50 premium

The maths don't add up. They can't be paying out hundreds of pounds (let alone £1000+) to 3 in 10 policy holders. They'd have gone bust long ago.


And so far, I haven't found any references on the web to people who have successfully claimed on these policies.

Mutton_Geoff

They are playing on your fears. You will be persuaded to buy any number of insurance policies along the way. Just do your homework and self insure.