Contents Insurance for Flat

albie172

Hello, I am currently in the process of conveyancing for a leasehold flat. My solicitor has advised me to take out contents insurance upon exchange of contracts, as should the property suffer any damage between exchange and completion, I may be able to claim. 
I started looking at contents insurance on one comparison website, and it asked about locks on windows, doors etc. I'm assuming I should state what the current locks are. However, if I plan to change the locks upon moving in, would this not invalidate the insurance?

Sandtree

Only if you downgraded them

Aretnap

No it wouldn't invalidate the policy, you'd just have to tell the insurer if any of the answers changed. For example if you replaced locks of type A with locks of type B. There might be an admin fee and a premium adjustment, especially if you replaced high security locks with lower security locks.

You wouldn't have to tell them if you did a straight like for like swap, eg swapped one 5 lever mortice deadlock conforming to British Standard whatever the number is with another one conforming to the same standard. 

eddddy

albie172 said:

I am currently in the process of conveyancing for a leasehold flat. My solicitor has advised me to take out contents insurance upon exchange of contracts, as should the property suffer any damage between exchange and completion, I may be able to claim. 

This sounds a bit confused.

Contents insurance is for your belongings - like furniture, electricals, clothes etc. You don't usually put any of your contents/belongings in a flat between exchange and completion. So no contents insurance should be needed during that period.


You mention damage to the property - so do you mean buildings insurance (as opposed to contents insurance)?

Most flat leases require the freeholder to deal with buildings insurance - so you don't have to worry about that (you just have to pay your share when the freeholder sends you the service charge bill).

But a few 'unusual' flat leases do require the leaseholder (i.e. you) to get buildings insurance. In that case, you need to arrange buildings insurance from exchange of contracts.



I wonder if your solicitor has just sent you some 'standard template info' about insuring properties from exchange of contracts - which doesn't apply to most flat leases?

Sandtree

eddddy said:

albie172 said:

I am currently in the process of conveyancing for a leasehold flat. My solicitor has advised me to take out contents insurance upon exchange of contracts, as should the property suffer any damage between exchange and completion, I may be able to claim. 

This sounds a bit confused.

Contents insurance is for your belongings - like furniture, electricals, clothes etc. You don't usually put any of your contents/belongings in a flat between exchange and completion. So no contents insurance should be needed during that period.

Content's insurance can include Tenants Improvements which is used when say the kitchen or bathrooms have been upgraded... the freeholder and their insurance normally will be to replace a basic standard in line with the original property whereas Tenants Improvements will give you your Miele appliances rather than Hotpoint (for example)

albie172

eddddy said:

albie172 said:

I am currently in the process of conveyancing for a leasehold flat. My solicitor has advised me to take out contents insurance upon exchange of contracts, as should the property suffer any damage between exchange and completion, I may be able to claim. 

This sounds a bit confused.

Contents insurance is for your belongings - like furniture, electricals, clothes etc. You don't usually put any of your contents/belongings in a flat between exchange and completion. So no contents insurance should be needed during that period.


You mention damage to the property - so do you mean buildings insurance (as opposed to contents insurance)?

Most flat leases require the freeholder to deal with buildings insurance - so you don't have to worry about that (you just have to pay your share when the freeholder sends you the service charge bill).

But a few 'unusual' flat leases do require the leaseholder (i.e. you) to get buildings insurance. In that case, you need to arrange buildings insurance from exchange of contracts.



I wonder if your solicitor has just sent you some 'standard template info' about insuring properties from exchange of contracts - which doesn't apply to most flat leases?

"I wonder if your solicitor has just sent you some 'standard template info' about insuring properties from exchange of contracts - which doesn't apply to most flat leases?"
- Quite possibly, I will clarify this. Thanks!