Does Home buyer protection insurance cover if my buyer pulls out?

jandspace

@davidmcn
I found the policy pdf what Surewise shared.
https://www.surewise.com/downloads/gdpr/Home-Buyers-Mandatory-PW-May-2020.pdf
They referred to Section 8 –Exclusions (page 9)

So I am still confused.
If insurance company doesn't cover this case (by buyer's pulling out), who can purchase the insurance apart from cash buyers or first-time buyers on earth?
At that time, my search, survey and mortgage have been all done and I was just awaiting the exchange. But my buyer ridiculously pulled out all of sudden and I became in the position that I was unable to proceed. 

The buyer made me very upset plus the insurance company insulted to injury.

Blue_bell_20

greatcrested said:

Have I misunderstood?

OP seems to be the seller, not the buyer.

I believe they bought it for their onward purchase. However due to losing their buyers, their seller is now not willing to sell to them due to them not being proceedable anymore. 

eddddy

jandspace said:

So I am still confused.
If insurance company doesn't cover this case (by buyer's pulling out), who can purchase the insurance apart from cash buyers or first-time buyers on earth?

Yes. I think you might not have understood what people are saying.

In simple terms, the message is - These policies are a waste of money. Don't buy one. 

You've wasted some money by buying one, don't waste more money by buying another one.

NameUnavailable

jandspace said:

@davidmcn
I found the policy pdf what Surewise shared.
https://www.surewise.com/downloads/gdpr/Home-Buyers-Mandatory-PW-May-2020.pdf
They referred to Section 8 –Exclusions (page 9)

So I am still confused.
If insurance company doesn't cover this case (by buyer's pulling out), who can purchase the insurance apart from cash buyers or first-time buyers on earth?
At that time, my search, survey and mortgage have been all done and I was just awaiting the exchange. But my buyer ridiculously pulled out all of sudden and I became in the position that I was unable to proceed. 

The buyer made me very upset plus the insurance company insulted to injury.

To be fair, the policy clearly states what events are covered in Section 6 of the policy. 

Withwdrawn from sale means exactly that, i.e. the vendor has decided not to move/sell after all and takes the property off the market. It does happen, but not that often. Same as getting run over by a bus (one of the other causes that's covered). I bet they've paid a few claims lately due to redundancy however!

Trabobell

Hi, Could the original poster offer a happy end to this thread. Did you ever move into a dream home? This same thing sadly has just happened to me.

lincroft1710

Trabobell said:

Hi, Could the original poster offer a happy end to this thread. Did you ever move into a dream home? This same thing sadly has just happened to me.

Original poster hasn't logged on to site for over a year