Home insurance on exchanging

[Ezs23]

Hoping to exchange this week. We won't be completing until end of Feb now though. Do we need to get building insurance at point of exchange? We don't have a mortgage as we're cash buyers. Can someone explain why we need it when we don't actually own the house at that point? (Sorry we're first time buyers!)
Also do we just get home insurance and then ring up and add contents insurance to it once we move in?

Thanks in advance!

Yes you do need it for buildings but no contents. If the house burns down, you're still going to have to buy it once you've exchanged.

Yes, that's it! Get quotes now ready to start as soon as you have exchange. Insurers are well used to this and will guide you with the upgrade on completion.

If you are in rental, give notice at exchange, not before. And see if you can avoid completing on a Friday.

Thanks Grocklebocs. I hadn't thought of it that way

Can I ask- exchanged on my mum's house (probate sale) yesterday... at what point should I cancel the buildings insurance? Is it my responsibility to check that the buyer's insurance is in place?

No. Cancel your insurance on completion , not before.

Thanks special