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  • FIRST POST
    • Scotbot
    • By Scotbot 10th Oct 17, 9:48 AM
    • 140Posts
    • 97Thanks
    Scotbot
    House insurance
    • #1
    • 10th Oct 17, 9:48 AM
    House insurance 10th Oct 17 at 9:48 AM
    So it seems from reading posts you need insurance on the day you exchange? How does that work when the date is such a moving feast? I don't currently have any insurance as living with relatives.
Page 1
    • Surrey_EA
    • By Surrey_EA 10th Oct 17, 9:53 AM
    • 1,545 Posts
    • 2,028 Thanks
    Surrey_EA
    • #2
    • 10th Oct 17, 9:53 AM
    • #2
    • 10th Oct 17, 9:53 AM
    That's correct, you need buildings insurance in place from the moment you exchange contracts.

    Before you exchange contracts, but when it looks like the day may not be too far off, speak to some insurance companies to obtain quotes.

    When you've found one you're happy with, wait until your solicitor tells you that you have exchanged, or the solicitor is in the process of exchanging, then call the insurance company to activate the policy.
    • sevenhills
    • By sevenhills 10th Oct 17, 10:48 AM
    • 1,247 Posts
    • 469 Thanks
    sevenhills
    • #3
    • 10th Oct 17, 10:48 AM
    • #3
    • 10th Oct 17, 10:48 AM
    I got my house insurance about a month before the sale went through.

    • davidmcn
    • By davidmcn 10th Oct 17, 10:54 AM
    • 7,809 Posts
    • 7,986 Thanks
    davidmcn
    • #4
    • 10th Oct 17, 10:54 AM
    • #4
    • 10th Oct 17, 10:54 AM
    Have a look elsewhere on this site for advice about shopping around for insurance. You can set it up in minutes online (unless you have unusual requirements), so you don't really need much in the way of warning.
    • martinsurrey
    • By martinsurrey 10th Oct 17, 10:59 AM
    • 3,340 Posts
    • 4,092 Thanks
    martinsurrey
    • #5
    • 10th Oct 17, 10:59 AM
    • #5
    • 10th Oct 17, 10:59 AM
    Have a look elsewhere on this site for advice about shopping around for insurance. You can set it up in minutes online (unless you have unusual requirements), so you don't really need much in the way of warning.
    Originally posted by davidmcn
    Some solicitors are a bit more picky.

    I've seen one require details of the policy before they would exchange (to make sure it satisfied the lender).

    Purchaser got a comparison site quote, rang them up explained the situation and the company sent the policy details with a note that it would be on risk after exchange, once notified by the purchaser.

    That took a day to sort out.
    • x-caitlin-x
    • By x-caitlin-x 10th Oct 17, 12:40 PM
    • 249 Posts
    • 212 Thanks
    x-caitlin-x
    • #6
    • 10th Oct 17, 12:40 PM
    • #6
    • 10th Oct 17, 12:40 PM
    We had to send our solicitors a copy of our insurance details before they'd exchange. We got quotes around a week before our expected exchange date, and on the day I called our chosen provider and set it up. Emailed the details to the solicitor, and that was that. We actually ended up exchanging the following day (vendor's solicitor had gone home for the day by the time we were ready!) so we had insurance for a day longer than we needed to, but that wasn't a problem.
    • Rambosmum
    • By Rambosmum 10th Oct 17, 12:59 PM
    • 1,717 Posts
    • 2,235 Thanks
    Rambosmum
    • #7
    • 10th Oct 17, 12:59 PM
    • #7
    • 10th Oct 17, 12:59 PM
    We had to show insurance docs before they'd exchange. So bought the cheapest insurance from a comparison site, siting the likely exchange date as the start date. I got the documents emailed to me, emailed them to my solicitor and then cancelled the insurance (as it was within the 14 day cooling off period I didn't get charged) then on the day of exchange I bought the insurance I actually wanted.
    • davidmcn
    • By davidmcn 10th Oct 17, 1:26 PM
    • 7,809 Posts
    • 7,986 Thanks
    davidmcn
    • #8
    • 10th Oct 17, 1:26 PM
    • #8
    • 10th Oct 17, 1:26 PM
    We had to show insurance docs before they'd exchange. So bought the cheapest insurance from a comparison site, siting the likely exchange date as the start date. I got the documents emailed to me, emailed them to my solicitor and then cancelled the insurance (as it was within the 14 day cooling off period I didn't get charged) then on the day of exchange I bought the insurance I actually wanted.
    Originally posted by Rambosmum
    And did your solicitor check that you still had adequate insurance in place at completion? As that's all the lenders actually care about. If the place burns down before completion it's your problem rather than your lender's!
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