When to buy home insurance as FTB?

Peppermint90

Hi everyone, 

I'm due to exchange and complete in 1 week, when should I buy home insurance? Can I even buy it the night before like with car insurance? 
Also, any recommendations on where to search for home insurance for best rates please!

hazyjo

You need buildings insurance at exchange. You may wish to just add contents at the same time, or later when you complete.

Presuming freehold house. If leasehold, the insurance may already be arranged. Your solicitor will advise and it should be included in the information pack from management company or freeholder.

hazyjo

PS as insurance depends on so many variables, it's best to use a comparison site.

zemarcopolo

In most cases the lender will not transfer money before proof of insurance. Check your mortgage offer. 

Peppermint90

zemarcopolo said:

In most cases the lender will not transfer money before proof of insurance. Check your mortgage offer. 

Oh...funds have been requested, but no-one has asked me for proof of insurance yet...thanks for letting me know, I'll start shopping around and be prepared. 

youth_leader

I used all four comparison sites recommended on here and Policy Expert came out on top every time.  On Martin's recent show he showed that if you look at quotes about three week's before required they are normally lower because the insurance company rate you higher as an organised person.  Nearer to the date it's needed the price is higher as they consider you a higher risk.  Or at least that's what I remember!

Peppermint90

youth_leader said:

I used all four comparison sites recommended on here and Policy Expert came out on top every time.  On Martin's recent show he showed that if you look at quotes about three week's before required they are normally lower because the insurance company rate you higher as an organised person.  Nearer to the date it's needed the price is higher as they consider you a higher risk.  Or at least that's what I remember!

Makes sense! But what if you buy it 3 weeks ahead of completion but the purchase falls through or gets delayed....isn't the cooling off period for insurances usually 14 days? 
Haven't come across Policy Expert before, will have a look at that right away, thank you! 

hazyjo

Peppermint90 said:

youth_leader said:

I used all four comparison sites recommended on here and Policy Expert came out on top every time.  On Martin's recent show he showed that if you look at quotes about three week's before required they are normally lower because the insurance company rate you higher as an organised person.  Nearer to the date it's needed the price is higher as they consider you a higher risk.  Or at least that's what I remember!

Makes sense! But what if you buy it 3 weeks ahead of completion but the purchase falls through or gets delayed....isn't the cooling off period for insurances usually 14 days? 
Haven't come across Policy Expert before, will have a look at that right away, thank you! 

As said, you buy (and need it) when you've exchanged. Shop round for quotes before. Choose one, then activate it after you've had the call saying you've exchanged. It won't get delayed or fall through after that (well it might, but it's extremely rare!).

Irishpearce26

youth_leader said:

I used all four comparison sites recommended on here and Policy Expert came out on top every time.  On Martin's recent show he showed that if you look at quotes about three week's before required they are normally lower because the insurance company rate you higher as an organised person.  Nearer to the date it's needed the price is higher as they consider you a higher risk.  Or at least that's what I remember!

Im sorry but that's not true, how organised you are have no bearing on  insurance premiums. Its all to do with risk, how much to rebuild your house, how close it is to tress, how close it is to water be that a stream or flood drainage etc, the type of door locks etc. Use the comparison sites as you can add certain things such as accidental damage or if you are adding contents insurance you can specify certain things to have increased cover. Just watch your voluntary excess amount because if you do need to make a claim that can be the killer.

davidmcn

zemarcopolo said:

In most cases the lender will not transfer money before proof of insurance.

Do any lenders do this? In practice it's generally left to the solicitors (as part of their standard instructions) to check insurance is in place - and the relevant time is completion, not drawdown of the loan funds. Would be inconvenient of them to insist that your insurance starts possibly a week earlier than it actually has to.

Irishpearce26

davidmcn said:

zemarcopolo said:

In most cases the lender will not transfer money before proof of insurance.

Do any lenders do this? In practice it's generally left to the solicitors (as part of their standard instructions) to check insurance is in place - and the relevant time is completion, not drawdown of the loan funds. Would be inconvenient of them to insist that your insurance starts possibly a week earlier than it actually has to.

Yes correct anytime I have bought a house the solicitor will say you will need to get buildings insurance after exchange but never asks for proof. I have always got buildings insurance after exchange however.