Dumb question re exchange and insurance

[AGreatUsername]

I know I should ask my solicitor this, but I’ve already responded to the email and feel daft going back again!

She wants us to come in next week and sign the contracts as our buyers want to exchange “in the not too distant future”. We need to prove buildings insurance on our new property for exchange. Will we need to provide this next week when we physically see her? I presume we won’t exchange that day so how do I know when to start the insurance from?!

you pay the solicitor to advise, don't be shy.

what you do is run a comparison to get insurance quotes for the new place, with a 'guessed' start date. The quotes are valid for 30 days at least. You then pick one and ring the company concerned to explain what is going on, and to confirm that they will hold the quote. Then the moment you have exchange you call them to start the policy, so have the money ready. They will be used to this.

of course don't cancel the policy on your current place until completion day.

remember signing contracts is just that, NOT exchange. Your solicitor should call you when exchange is ready to get final confirmation as that is the real committment.

When we moved, I phoned up my existing insurer and they added to our existing policy a clause to provide buildings insurance on our new house from exchange to completion. You won't need contents insurance until you actually move in obviously.

Once we had a completion date, they amended the policy again to building and contents insurance on our new house,.
I hope that makes sense; phone up your existing insurer and explain what you need and when.

Oh thanks both! Great idea to ask our existing insurer. I also hadn’t even thought of asking them to hold a quote. Thanks.