Insuring new property from exchange of contracts

eurobabe

Hi I need to insure the property were buying from exchange of contracts.was going to use a comparison site, but this could cause confusion as my details are set against my existing property. I take I add the details if the new property but fill in details today I'm at current property? I just remember hearing of a member who posted on here previously who put their new address as their current address and screwed the mortgage application. Is it best to do a comparison online and then ring up insurance provider to instruct policy and check they're aware of my situation just want to check I don't balls this all up at this stage,

I just need to know how I do this so as not screw up the mortgage if there a mix up with addresses on my credit search.

DullGreyGuy

Quote and buy websites are based on the 99.99 percent of people that are trying to do a quote for their home rather than catering for the 0.01% that are quoting for a new house purchase. They therefore dont distinguish between the risk address and the correspondence address... look at something like Landlords or Holiday Home insurance and it will ask for the two separate addresses. 

Other than possibly creating a linked address on the CRAs I am struggling to guess how it would impact a mortgage application but from my understanding linked addresses are only created by held products and not quotes/applications and only a tiny percentage of insurers report premium loans to the CRA - its mainly not insurers but specialist premium finance companies. 

Its prudent to call the insurer/broker immediately before buying to just confirm that all is ok given policy definitions typically require the "home" to be your primary residency but most insurers are comfortable with the oddity of the period between exchange and completion.

Rodders53

Talk to your current Insurer (and read the insurance documents you have from them).  Arrange buildings insurance with them for the new address from Exchange...  Most (maybe not all) Insurance companies will cover both houses while selling ones home (but your Buyer should have insurance for your current home from Exchange, so only the new home needs covering by you). 

Similarly contents are often insured while in transit with professional removers when moving home.

There may be a premium difference for the new address, rebuild value etc,. but that's another matter.

New_in_the_fens

I phoned the insurer of my home at the time and they covered the new property from exchange at no extra cost. I think they had a deadline of when you had to complete otherwise there would be a fee, but we moved in time. 

They also covered contents in transit. 

On completion, they continued cover on the new property until my original policy expired - I did have to pay a bit more as the new property cost more to insure than the old one. 

eurobabe

Thanks all I'll try my existing insurer

eurobabe

Tried current insurer and they've quoted my a ridiculous figure so I want to compare insurance online with new providers.ive just got an updated mortgage application going through at the moment is there anything I need to be careful of?having my name against different addresses etc via a comparison site etc?

Myci85

Is this a thing to worry about? I'm FTB and due to exchange next week hopefully. I have already done a quote for insurance at the new house and was just going to start it from exchange. Do I need to contact the insurer directly to make sure they know I won't have moved in yet? Property isn't vacant until completion day. 

user1977

Myci85 said:

Is this a thing to worry about? I'm FTB and due to exchange next week hopefully. I have already done a quote for insurance at the new house and was just going to start it from exchange. Do I need to contact the insurer directly to make sure they know I won't have moved in yet? Property isn't vacant until completion day. 

It’s less complicated for you as you don’t already have buildings insurance.

eurobabe

Got it via a broker in the end and got a much better quote.

EssexHebridean

I just did a quote for a completely new property on the comparison sites when we moved - then activated it on the relevant day and all was well.