Hi all, could use some advice regarding sorting out home insurance when moving.
Our situation is that we have sold our current house and look to be moving into our new house in around a month. We don't yet have any dates for exchange/completion, but everything is progressing smoothly, surveys fine, searches in progress, mortgage applied for from agreement in principle, etc.
It's a short chain (3 families) and we're the end of it, as we're moving into a vacant new property currently held by a bank after the building firm went bust.
We have building and contents insurance on our current property, due to run through until May next year. Paid in full at the start of the policy. I'm happy with the company, so I was hoping/planning just to transfer our policy to the new property.
Our insurance costs should be lower at the new property (much safer area) but I'm not expecting to get any money back. Just hopefully have lower premiums next year!
We have a mortgage on our current property and will have a bigger mortgage on our new property.
One of the things I've been reading is that our mortgage offer for the new house will be dependant on building insurance being in place. However the solicitors can't give us a date for exchange/completion until we have a mortgage offer.
I've also been reading that the building insurance needs to be in place from the date of exchange, whereas contents insurance should stay at our existing property until date of completion.
So, how and in what order do I do things?
Can I show the bank a copy of my existing building insurance from the property we're leaving, and tell them we're planning on transferring it?
Do I need to take out an additional building insurance policy for the week(s) between exchange/completion?
If I need to move/set up a policy now... When do I start the policy from? Given that I don't know when the exchange/completion dates are at present and won't until after the mortgage offer which requires the building insurance?
I'm sure it must be simpler than it seems in my head right now!
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Home insurance when moving
6 replies
Spirael · 05/11/2012 10:01
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