Unable to get building insurance

vincecheung

Hi everyone,
I've recently purchased a property in London (3 bed mid-terrace house) and like most mortgage stipulations, you must have buildings insurance. The house required a lot of renovation before I move in and even without the renovation I can't move in yet due to the lockdown situation. Having used all the popular comparison websites, I've chosen Admiral. I gave them a call and they said that they can't provide me building insurance because im not living in the property yet and I dont have a move in date due to the coronavirus lockdown.

What should i do about this? Is this common approach many insurance companies? Should i give other companies a call or am i wasting my time. Should i just buy the insurance when i move in? What happens to the mortgage stipulations for building insurance? 

Thanks!

tacpot12

It is a very common exclusion with normal Buildings and Contents policies - you are only allowed to leave the home unoccupied for short periods - 30 days is a commonly stated maximum. There is no point trying to get normal Building and Contents insurance at this stage. You need either Home Renovation Insurance or Unoccupied Property Insurance. A whole-of-market insurance broker should be able to help you find the right insurer for situation. 

davidmcn

Mickey666 said:

If you really can't find an insurer, perhaps the mortgage provider would be able to help, after all it's in their own interest for the property to be insured.

The lender is likely to have similar concerns about the property being unoccupied for an indefinite period.

OP, when you say "have purchased", what stage in the process are you actually at? If you've already completed the purchase then you're a bit late to be trying to get insurance. You may need a broker to help finding insurance suitable for unoccupied properties.

dunstonh

You need to go away from comparison sites and use a more traditional method to get home insurance.  The insurers on comparison sites are price focused rather than quality focused.   Use a broker and you should have no problem.

like most mortgage stipulations, you must have buildings insurance. 

Not only that.  It is common sense to have buildings insurance.  You would have to be off your rocker not to have it.