Buildings Insurance Before Exchange Date

[SpnBaby1967]

Our mortgage company and solicitor says we have to have building insurance before we can exchange.

I have no provisional date for exchange (could be many weeks away yet), how on earth do i sort buildings insurance? Will I have to pay for 2 properties??

Check with your current insurers. We're with Churchill and they include buildings cover for the bit between exchange and completion as a standard part of their policy. I didn't have to pay extra, just gave them a call on the day of exchange to activate it. When we complete I'll call back and update the policy to the new house.

You need from the day you exchange but as pp says get a firm organised to take it then when you have the exchange date start it from then. I'm not sure about then cancelling on your own home insurance (as presumably your buyer will insure it from exchange too). As it's just a matter of a a couple to four weeks I've just carried it on both, though ask your insurers about that.

I’m
Currently inbetween exchange and completion. My buildings insurance company automatically cover old house for 60 days from when you change home address. So basically they cover both houses for 60 days.

You put it "on risk" at exchange and yes pay fir two in the short term until completion.

I spoke to our provider and they said we must have at least a provisional exchange & completion date otherwise they wont even entertain giving me the proof of having housing insurance. So as expected really.

I have emailed back our solicitors to ask for at least a provisional date of these so I can get the insurance set up.

Actually would be quite nice to know a date of some sort, even if its likely to change as at the moment we have ZERO idea of when these final stages will happen.

My buildings cover was changed instantly over the phone. So don’t worry about giving them notice.

In terms of timescale for exchange etc. Solicitors are so unlikely to give you anything until all queries answered.

I did it the evening before exchange and emailed the confirmation over to the solicitor so they had it prior to exchange. We only knew the day before that exchange would be happening. It's very easy to do online these days and it's instant. Yes, you pay for 2 policies for a short period.

Been a while, but I got quotes, explained the situation, chose a policy and had it ready to go. When I was notified of exchange I immediately called the insurers and activated it. On completion two weeks later I phoned again and upgraded it to full contents, also cancelling the policy on the previous place. The vendors will also be insuring the house between exchange and completion.