When to get home insurance?

simk6

Hi, 

I'm wondering if someone could possibly give me a definitive answer. Myself and my partner concluded missives last week for the purchase of our house and we are completing and moving in on the 30th. I'm curious as to when I should start my home insurance policy as iv read now we have concluded missives (exchanged contracts) we should start the policy now case we are now legally bound to purchase even if it burns to the ground between completing although  some have said not to start it until you move in as legally now the property is ours. 


The question is when do I start my policy, now or the 30th?

davidmcn

simk6 said:

I've read now we have concluded missives (exchanged contracts) we should start the policy now case we are now legally bound to purchase even if it burns to the ground

Where are you reading this? It's probably English-oriented advice, because that's the norm there. But in Scotland you don't (normally) take on the risk until the date of entry (if it burns down before then either party can pull out). So you don't need to start your insurance until the 30th.

simk6

davidmcn said:

simk6 said:

I've read now we have concluded missives (exchanged contracts) we should start the policy now case we are now legally bound to purchase even if it burns to the ground

Where are you reading this? It's probably English-oriented advice, because that's the norm there. But in Scotland you don't (normally) take on the risk until the date of entry (if it burns down before then either party can pull out). So you don't need to start your insurance until the 30th.

I assume you are correct in regards to the English orientated advice.  Would there be any problems starting it early or do u think we are safer just putting it in place on the 30th?

davidmcn

simk6 said:

davidmcn said:

simk6 said:

I've read now we have concluded missives (exchanged contracts) we should start the policy now case we are now legally bound to purchase even if it burns to the ground

Where are you reading this? It's probably English-oriented advice, because that's the norm there. But in Scotland you don't (normally) take on the risk until the date of entry (if it burns down before then either party can pull out). So you don't need to start your insurance until the 30th.

I assume you are correct in regards to the English orientated advice.  Would there be any problems starting it early or do u think we are safer just putting it in place on the 30th?

I would just set it up to start on the 30th