Home insurance

rr755507

Hi,

Currently selling our property, and about to exchange.

For exchange, the mortgage requires buildings insurance. We currently have buildings and contents with RIAS who allow a change of address. 

It is normal to change your current insurance, or do people generally get a new policy? I'm concerned that my contents wouldn't be insured at they reside at the current house until completion.

[Deleted User]

rr755507 said:

Hi,

Currently selling our property, and about to exchange.

For exchange, the mortgage requires buildings insurance. We currently have buildings and contents with RIAS who allow a change of address. 

It is normal to change your current insurance, or do people generally get a new policy? I'm concerned that my contents wouldn't be insured at they reside at the current house until completion.

You can do an amend to existing most of the time. With our current move I called ours up and gave new details over the phone and dates. They essentially covered both properties during the exchange to completion period.

eddddy

Solicitors usually recommend that you have buildings insurance for both properties (your current one and your new one) between exchange and completion - it provides a safety net for you, in case your buyer hasn't insured your current property properly.


As above, you can ask your current insurer if they can cover both properties between exchange and completion.

Alternatively, you could take out a new policy on the new property at exchange of contracts, and then cancel the insurance on your current property on completion.


(As you'd be continuing to insure your current property until completion, obviously that means you'd have contents cover as well.)