Buildings insurance after exchange of contracts

(12 Posts)
PassTheCremeEggs Fri 21-Oct-16 14:06:16

We're due to exchange contracts on our new house today. We need to arrange buildings insurance as I understand this is necessary from exchange.

My question is - filling out online forms, I can't answer most of the questions e.g. Specifically what door locks there are, whether there are window locks etc.

Has anyone else done this and how did you get around these issues..? Hoping for some helpful advice - I'm feeling a bit stupid today. Thank you!

thenewaveragebear1983 Fri 21-Oct-16 15:20:59

It's probably easier to ring your current provider and ask them to add it to your current policy?

Spam88 Fri 21-Oct-16 15:24:13

I haven't been in this situation because we bought a new build, but can't you just send your questions to the current owner/agent?

gillybeanz Fri 21-Oct-16 15:32:29

We have always done ours within the first couple of days of moving in. It doesn't take long. It's not essential to have it from your first day, although I wouldn't leave it too long after.

icandoscience Fri 21-Oct-16 15:34:42

It was a right pain - DP and I ended up going down to a high street insurance broker who helped us through the process and rang up insurers for us to query the tricky bits.

One other thing we had was that our mortgage provider stated that they had to be noted as an 'interested party' on the buildings insurance (I think this was a scam to try and make you buy their own insurance) - the broker rang round some companies to find one that was prepared to go along with that.

elfofftheshelf Fri 21-Oct-16 15:37:10

It's a requirement on our mortgage terms too (from exchange). We dropped the current owner an email and he came straight back with the answers. Hopefully you can do that (or do it via EA). You can always amend the policy once you complete if there are any discrepancies.

thenewaveragebear1983 Fri 21-Oct-16 15:39:14

You have to have it, because if your new house burns down after exchange and before completion, you have committed to buy it regardless. Don't leave it til you move in.

YelloDraw Fri 21-Oct-16 15:54:16

Email and ask the EA to ask the vendor - that is what I did.

PassTheCremeEggs Fri 21-Oct-16 16:20:22

Thanks all - blindingly obvious answers of course, I knew I was being stupid! Will email the agent and ask all the necessary questions. We have a month between exchange and moving in (completing in the middle of that) so will definitely need to be protected in that time.

HereIAm20 Sun 23-Oct-16 15:46:46

Our current insurer insured both properties for the period between exchange and completion and then transferred the policy to the new property upon completion.

specialsubject Sun 23-Oct-16 21:36:22

To confirm it is absolutely essential from exchange. worst case is it burns down - you would still be commited to buy it.

Just say 'dont know' where that is the case.

johnd2 Sun 23-Oct-16 23:09:08

We had that problem to, but I'm pretty sure I just ticked "other lock type" for them all and the premium was the same.
Once I asked when I was renewing over the phone as a student what the difference was, and they said I'm even covered for open door walkins or stuff stolen from the front drive, so I think they just like an overall picture. They did say the only thing they didn't cover was things actually inside a car as that's car insurance.

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