Short term house insurance/good cancellation rates

greenstick

My house insurance expires 8 days before I am due to complete on my house sale (provisional date)

Does anyone know of an insurer offering a short term buildings policy?

If not, is anyone aware of any insurers offering good cancellation rates, as I will only need the policy for 8 days, most of the policies I've looked at want 30% and an admin fee.

Any info welcomed.

Cheers

DaisyFlower

For 8 days, its probably best to renew and then cancel. Most insurers will cancel pro-rata in the second and subsequent years of the policy. Your documents should confirm if they offer this.

raskazz

The 14 day cooling-off period applies to renewals as well as new policies. So you should be able to cancel any policy without too much of a penalty if it is only going to run for 8 days.

Debt_Free_Chick

Have you asked your existing insurer if they will continue cover for 8 days?

greenstick

Thanks for the suggestions guys.

My current broker has sold out to a larger firm, who don't have an agency with my insurers. I rang the insurers this morning who would have extended until I sell, but can't because they are not allowed to deal direct, only through brokers.

They gave me the number for a local broker who does have an agency to see if they could help, but as there is little money to be made, they're not interested.

Looks like the best option is going to be an online insurer, I have found a few now that will allow cancellation within 14 days, and they will charge for the number of days used.

FlameCloud

If you can find one, Paymentshield gives 3 months free cover, and you can cancel at any time without penalty, however it is only sold through IFA's.

Anon

Halifax used to say that if you hadn't claimed in the first 30 days you could cancel penalty free therefore that may be an option - however, their T&Cs mention an admin fee may be charged - does anyone know what this is please? Even with that it may be a cheapish option.

Anon

greenstick

All change.

Sale now delayed for a week so 15 days cover needed. Will go with the Halifax as they have 30 day cancellation period. There's an undefined admin charge, but it'll be less than the cost of a brokers fees. The brokers/agents want setup admin fee (generally £25, cancellation admin fee (generally £25) and to reclaim the lost commission (probably around 10-15% of premium). There'd be nothing left to refund!

everkeen

I'm in the same situation, and I'm doing my own conveyancing.

The Special Conditions (which are actually very standard in most cases) of your sale contract should specify that the buyer is responsible for buildings insurance after exchange of contract; he is, after all, comitted to buying at that stage and should be protecting his asset. You just have to cover your contents if you want to - I'm not bothering.

Caff

I'm in the same situation too but my insurance ran out a month ago. Everkeen are you saying that you are not going to re insure your house then? Is there a legal requirement to have insurance if you are selling your house? In the middle of house sale but am being asked in the contract to say if insure.

dacouch

Are you moving into a new home after in which you will need home insurance