Issues after completion of property sale

Gavin83

AFAIK if damage occurs between exchange and completion it's still legally the vendors property and there's nothing to stop them claiming for it on their insurance. However they certainly aren't obligated to and given they'll likely be a cost to them I can see why some might be against the idea of doing so.

However post exchange there are certain obligations to the buyer as they've already committed to buying the house. If the vendor chooses not to claim on their insurance/do anything about it then the buyer takes on the house with that damage. They could potentially pull out but they'd be significantly out of pocket for doing so. If the damage was severe enough they might actually be financially better off doing this anyway, although I'm not sure if the vendor could still push the repair costs onto the buyer anyway.

Taking out house insurance from exchange protects the buyer from these potential issues. Not taking out insurance from exchange could be a hugely expensive mistake. 

MikeJXE

I have exchanged 12 times and every occasion my solicitor has said insure the property as soon as you exchange and this I have done. perhaps your solicitor is at fault ? 

herebeme

My bank required buildings insurance be in place as part of the mortgage approval before exchange.  I had to send a copy of the policy. That won’t cover soft furnishings but it will cover drying out the property (remember you can reclaim electricity costs for the dehumidifiers, the emergency response team or insurance company will tell you how - you’ll need photos of meter readings for one thing), and also plaster, repainting and floor repair etc. 

My solicitor also told me to have contents insurance in place as the building would be empty for a period and that would protect against theft, fire and vandalism ie to white goods and fitted bathroom/kitchen.