Buildings insurance from exchange of contracts

mizzbonita

Does anyone know insurance that covers from exchange of contracts? I’ve contacted AXA for example and the woman said it’s from purchase however their website seems to say different. 

Can we get specialist cover? Anyone know any insurance companies? 

DullGreyGuy

Most home insurance covers you from exchange, though technically its through turning a blind eye to certain normal requirements of the policy... its only if you have an unusually long period between exchange and completion that it can be problematic. 

Bigphil1474

Our insurers covered us at both houses for up to 30 days between exchange and completion - Prudential. You might be able to get separate cover for your new house but you should start with your existing insurer if you have one. You only need building cover for the new house between exchange and completion, contents and buildings after that. If you are buying a brand new build, I'm pretty sure you don't need any insurance between exchange and completion.

youth_leader

My seller kept messing me about as to the completion date, so I took out both on exchange. 

I used a comparison site and as I hadn't claimed in forever, chose the cheapest to my cost.  I had great difficulty claiming when Storm Arwen blew the roof off in the first sixth months I was here.  I do recommend checking the 1* reviews of the company you choose.

Maahes

I went on GoCompare (other comparison sites are available ), picked a insurer and set the start date of the policy to the date of exchange. Didn't really think much about it was it was only the building cover I needed, although I got both buildings and contents.

lfc321

I've always just phoned my current insurer and they will cover both houses (sometimes even for free, but even if you have to pay it shouldn't cost too much if you have a relatively short time between exchange and completion). 

mizzbonita

So we don’t currently have buildings insurance as we’ve sold our properties and staying elsewhere until this goes through. I don’t think just starting from exchange is right because you aren’t actually living there. Unless the policy states you are covered from exchange 

eddddy

mizzbonita said:

So we don’t currently have buildings insurance as we’ve sold our properties and staying elsewhere until this goes through. I don’t think just starting from exchange is right because you aren’t actually living there. Unless the policy states you are covered from exchange 

Is the new property empty or occupied? It might be more of an issue if it's empty.

Otherwise, I think the person you spoke to at AXA might have misunderstood your question, or might be poorly trained.

As you say, AXA's website says:


Link: https://help.axa.co.uk/s/article/Home-All-About-Buildings-Insurance-AXA


You could  find a policy/insurer you like on one of the comparison sites, but before hitting the "buy" button - phone them to explain that you're insuring from exchange of contracts, to make sure they're happy with that.

Jemma01

My solicitor said that I must have building insurance on exchange as I'm legally responsible for protecting the property from that point.
I'd expect all building insurance companies to cover on exchange. I went with MBNA.

mizzbonita

So the vendor is occupying until completion.  

I also called Admiral but they were useless lol. 

Some policies are not clear and just refer to covering new buyers under the sellers policy until completion 

I looked at LV’s policy documents and it clearly states new buyers will be covered from exchange for up to 90 days so we will go with them. 

mizzbonita

Oh and the vendor doesn’t have insurance so we are very keen to be insured. She couldn’t afford to renew it she says.