House insurance after Exchange but before Completions

ZandoZabo

I am about to exchange contracts on a property but will not be in a position to complete for another 60 days. I've been trying to find insurance cover but cannot find anyone who will cover the property for more than 30 days before completion. Companies have directed me to BIBA to find cover for this period but they tell me that none of their brokers can offer cover for more than 30 days before completion.
Can anyone point me in the right direction to find cover?
Thank you.

Hoenir

Why a 60 day period? 

user1977

Isn't the simpler answer to agree that the seller retains the risk until completion?

propertyrental

You're the buyer?

why not take out an annual policy from Exchange?

AlexMac

I know I’m always banging on about how good Nationwide mortgages are, but as well as having given me great deals, cheap portable rates and phenomenal customer service …

… last time we moved, they offered cover from Exchange to Completion if you took out their insurance. OK, a bit dearer than some, so we switched after 12 months…(oops! Don’t tellem)

cjdew

Why do you want to cover it before completion?? You want it from move in day, not before would have thought. 

shiraz99

It's not for you to insure, until completion the property remains the responsibility of the seller.

BarelySentientAI

cjdew said:

Why do you want to cover it before completion?? You want it from move in day, not before would have thought. 

shiraz99 said:

It's not for you to insure, until completion the property remains the responsibility of the seller.

Usually - in effect always unless someone specifically changes the contract - the risk passes to the buyer on exchange.

https://www.alanboswell.com/news/building-insurance-exchange/

https://foskettmarr.co.uk/exchange-to-completion-who-insures/

https://www.completelymoved.co.uk/conveyancing/advice/why-buyers-need-buildings-insurance-at-exchange-of-contracts

https://www.lv.com/insurance/press/two-in-five-homeowners-unaware-of-need-for-buildings-insurance-at-exchange

Bigphil1474

The buyer is responsible for the property from exchange onwards, not completion. Most insurers offer 30 days cover essentially on 2 houses, but if you are in a chain it bounces on anyway. I've not seen any that give more than 30 days, OP. Think your best solution is to reduce the period between exchange and completion. 

Chandler85

If the property you are buying is empty and you have more then 60 days between exchange and completion, then you can use a company like Adrian Flux to buy insurance.

I had to do it recently, as in within the last few months.  I got a buildings only (they don't do contents) for a 6 month period, this was the shortest offer and it cost me £170 or so.

As soon as you get to within 30 days of completion you can speak to your current home insurer.

ZandoZabo

Bigphil1474 said:

The buyer is responsible for the property from exchange onwards, not completion. Most insurers offer 30 days cover essentially on 2 houses, but if you are in a chain it bounces on anyway. I've not seen any that give more than 30 days, OP. Think your best solution is to reduce the period between exchange and completion. 

I'd come to the same conclusion, and have agreed this with the seller.