We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Buildings insurance "on risk"
iampetesmith
Posts: 185 Forumite
We've exchanged on our purchase today and all seems to be well. However, I just have one small question about what it means to put the insurance cover "on risk".
In the exchange confirmation document, it says "If you are arranging buildings insurance cover for your property, you must contact your insurer to put the cover on risk."
I'm not sure if I need to do this or not, as I only found out we were exchanging today (we didn't have a set date) so as soon as my solicitor called me to give authority, I bought a policy from a comparison site and started it from today. Within half an hour, I had an active policy along with all the documents.
So seeing as I've exchanged and legally responsible for the property from today, I have an insurance policy in place from today so does this still need to be put "on risk"?
I'm guessing the "on risk" bit is if you've had a quote but not started the policy yet, but not sure if I need to do anything now as my policy has started so I'm covered from the exchange.
In the exchange confirmation document, it says "If you are arranging buildings insurance cover for your property, you must contact your insurer to put the cover on risk."
I'm not sure if I need to do this or not, as I only found out we were exchanging today (we didn't have a set date) so as soon as my solicitor called me to give authority, I bought a policy from a comparison site and started it from today. Within half an hour, I had an active policy along with all the documents.
So seeing as I've exchanged and legally responsible for the property from today, I have an insurance policy in place from today so does this still need to be put "on risk"?
I'm guessing the "on risk" bit is if you've had a quote but not started the policy yet, but not sure if I need to do anything now as my policy has started so I'm covered from the exchange.
0
Comments
-
On risk just means starting the policy. You're insured from today so that's all that's needed.0
-
If your cover started today then it is 'on risk' from today. Had you purchased today but cover only started, say from 2 weeks' hence (eg completion date) then it would not be 'on risk' until 2 weeks' hence.0
-
Thank you both, sounds like a nice easy one.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243K Work, Benefits & Business
- 619.8K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards