Buildings insurance before exchange of contracts

fryderykchopin

A silly question from a FTB.
I'm close to exchange contracts and I am required to have buildings insurance in place by the day contracts are exchanged.
The date for exchange of contracts has not been confirmed yet but I would like to get this out of the way asap.
Can I arrange the buildings insurance from a date earlier than the actual exchange of contracts?
I assume the answer is yes, but are there any legal implications or issues with this - since I'm insuring a property that is not mine (yet).

giraffe69

I think you can set up the insurance and then later confirm the date you wish it to start.

AdrianC

Of course you can.

But it's as easy to get quotes and decide who to use, then just give them a shout on the day of exchange. 

At the moment, the day of exchange is very likely to be the day of completion, too...

greatcrested

No.

You cannot insure a property you do not own or have a contractual agreemet to buy. And if you did, what if your purchase collapsed?

And anyway, it's not necessary. By all means do your research. Find the insurer who satisfies your needs, bith in terms of price and the cover provided. Most (all?) will give you a quote and hold that quote as valid for several weeks. When obaining the quote you'll be asked for the start date so give your best guess.

Then on the day you Exchange Contracts, ring or go online, take out the policy and pay the premium.

pinkteapot

Don't actually take out the policy BEFORE exchange, just in case you don't exchange.  

What I've always done is get quotes and tell my solicitor who we're going to use. Then, as soon as the solicitor confirms exchange has happened, I take out the policy and forward confirmation to my solicitor. 

bucksbloke

I got the quote set up in all of the comparison websites, and then selected the one I wanted on exchange and signed up once my solicitor had told me we had exchanged. 

tek290

Sorry to resurrect an old thread but I haven’t been able to find an answer to my question.

I’m hopefully exchanging on a flat which is share of freehold in the next couple of weeks. There’s an existing buildings insurance policy with Zurich and it is in the name of both freeholders. 

What is the usual process here? The premium has been paid for until May 2021. Can they change the name on the policy and add me?