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Home Sellers/Buyers Protection Insurance?

freeguy1984uk
freeguy1984uk Posts: 34 Forumite
Second Anniversary 10 Posts
in House buying, renting & selling
Hullo,

I've just accepted an offer on my home and have just discovered something online called Home Sellers Protection Insurance.

Has anyone any experience of this type of insurance please? As I am very concerned about the current "one in three sales collapse" statistic.

I would be considering similar Buyers Protection for the place I find to buy too.

I'm concerned about how much fees money is at risk of being lost here.

Here are the examples I've found so far...



What companies have you used, if at all? Or are they all a waste of effort as they only pay out in extremely unlikely circumstances? (ie: not just because the buyer/seller changes their mind).

Cheers.

Comments

  • CSI_Yorkshire
    CSI_Yorkshire Posts: 1,792 Forumite
    1,000 Posts Photogenic Name Dropper
    They have been discussed several times here and to be blunt, many are not worth the paper they are written on.
  • user1977
    user1977 Posts: 17,284 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    You can tell how useful they are from the premium - if a third of transactions fall through, you'd expect the premium to be at least a third of the average amount of costs incurred? But they're far cheaper than that - because there are a very restricted set of circumstances where they'd pay out. Of course you might "strike lucky" and withdraw for an insured reason, but I don't think they're worth the bother.
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