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FTB about to exchange, insurance help!

mmmmchocolate
mmmmchocolate Posts: 82 Forumite
in House buying, renting & selling
Fingers crossed I'm about to exchange on my first house purchase, right now I'm trying to sort out some insurance...

I got some quotes from comparison sites and played about with the different options (accidental damage, legal cover etc) to get an idea of the prices of the different options - and also contacted a local broker, intending to actually get a policy through them (FTB, don't really know what I'm doing, figured their advice would be a good idea)...

The thing is, the tick-all-the-options full cover option from the comparison site was half the price of the broker's suggestion for just B&C with accidental damage (no legal cover, no home emergency cover etc). Same excess, same details, same everything I can think of! Am I missing something?

Comments

  • da_rule
    da_rule Posts: 3,618 Forumite
    First Post First Anniversary
    As this is exchange, you only need to insure building, not contents.

    Have you made sure that you have specified that you are not the owner of the property (yet) as this can increase the cost in some cases.
  • mmmmchocolate
    mmmmchocolate Posts: 82 Forumite
    Good point about only needing buildings - I assumed it'd be better to get a policy that covered both and not worry about the "wasted" days between exchange and completion.

    The broker certainly knows I don't own it yet, but there wasn't anywhere to state that on the comparison site - does it really make that much difference? The buildings only policy through the broker was 2.5 times the best comparison site price!

    So can I get a policy that covers buildings just from exchange to completion and then get B&C at completion?
  • eddddy
    eddddy Posts: 16,436 Forumite
    First Anniversary First Post Name Dropper
    mmmmchocolate wrote: »
    I assumed it'd be better to get a policy that covered both and not worry about the "wasted" days between exchange and completion.

    Yes - I would agree.

    In your position, I would get to the point of getting a final quote on an insurance companies site... But before clicking 'buy now', phone the insurer and explain.

    Say that you have their quote, you are about to buy, then explain your situation - and ask them to confirm that they are happy with that.

    (For extra peace of mind, note the date and time of the call and the name of the person you spoke to - the call will almost certainly be recorded.)
  • mmmmchocolate
    mmmmchocolate Posts: 82 Forumite
    eddddy wrote: »
    Yes - I would agree.

    In your position, I would get to the point of getting a final quote on an insurance companies site... But before clicking 'buy now', phone the insurer and explain.

    Say that you have their quote, you are about to buy, then explain your situation - and ask them to confirm that they are happy with that.

    (For extra peace of mind, note the date and time of the call and the name of the person you spoke to - the call will almost certainly be recorded.)


    That sounds like a good plan - thanks!
  • datlex
    datlex Posts: 2,239 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    I added buildings to my existing contents insurance.
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
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