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Anyone recommend a building insurance for before completion? Do we really need a landlords policy?

(6 Posts)
Myfirstcalendar Thu 06-Mar-14 19:38:02

Due to our very annoying sellers we have AGES between exchange and completion (from now to May) and need to sort out building insurance afaik. A) this seems ridiculous - can they just trash the place and b) has anyone any recommendations for our cash strapped funds. I am not sure if we can go to normal websites because we are not the actual owners and we don't know all the details about various locks etc. every call centre we talk to seems to think it is bizarre situation and we need landlord's insurance but surely it must happen all the time! Advice?

specialsubject Thu 06-Mar-14 19:45:32

who on earth are you talking to? This is utter nonsense! It is NOT a bizarre situation, it happens in every house move in England now.

you get a standard owners (not landlords) policy from the date of exchange, with a reduced level of contents cover (as it only includes carpets, curtains, kitchen). It upgrades to full cover the day you move in.

you must insure from exchange because you are then committed to buy even if it burns to the ground. The normal procedure is to get quotes beforehand and ring the insurers when you exchange to start the policy - quotes are valid for 30 days. You should know about the construction of the place, flood, nearby trees etc - if not ask the sellers. Same for the locks. Or just ask for another viewing.

If it helps I was with the Co-Op when I bought my house last year, and they were well used to this situation. I also got other quotes and all the big insurers were no problem.

Mrsladybirdface Thu 06-Mar-14 19:45:55

try woodstock insurance broker, they have specific products for this smile

Myfirstcalendar Thu 06-Mar-14 19:52:55

Well, poor call centre staff giving advice so not fair to get cross really BUT (mutters ffs under breath at call centres). Knew mumsnet would know. Good tip re carpets and kitchen / hadn't even considered that. Will try recommended people tomorrow. Surely it happens all the time?!!

Myfirstcalendar Thu 06-Mar-14 20:03:44

Well progress of sorts. Bradford and bingley recognise the concept but will only insure for 45 days between exchange and completion. Is this typical?

specialsubject Thu 06-Mar-14 20:06:50

that I'm not so sure of - most people don't have to wait so long, we had two weeks. Suggest getting an insurance broker to do the legwork for you on this one.

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