Home Insurance

[Saimaji]

Hello everyone

Hope everyone is doing well.

I am in the process to buy my first house. Can someone please advise me that at what point i need to buy the home insurance i.e after exchange of contracts or after moving into house etc ?

Which one is the good & cheapest insurance provider.

How much normally it cost monthly ?

Please advise. Thanks

You will need building insurance from point of exchange. Contents when you complete. I used the same company for both. So just told them what I wanted.Your solicitor should tell you. Mine did. Congratulations on your first home.

Sorry should have said just go on a comparison site. Might for both is building and contents is just under £20 per month. This will vary greatly on where you live, how much house it worth, value of your content etc.

You need to use a comparison site and check the reviews

There's no one best or cheapest insurer, you need to find the one that suits your circumstances best

It might take an hour or two to look at the options but it's worth doing your research and working out what features you want to include

Don't worry about what other people pay, you can't compare like that.

You are supposed to have insurance from the date of exchange of contacts, not just from completion. In fact you will probably find that your solicitor asks for the details.

You definitely need buildings insurance, and it is a really good idea to have contents cover too.

You could go on a price comparison website like ComparetheMarket or just ask the mortgage company /your broker.

DD and her partner just bought their first house (3 bed semi in the Midlands) and they are paying £15 a month for buildings and contents cover to Nationwide, who are also their mortgage provider.

Thanks, everyone for your valuable suggestions:

BTW , does this insurance required by law or is it by choice?

Your mortgage company will insist on building insurance.

I don't have a mortgage but I wouldn't dream of not having insurance! Not that I've ever had to claim on buildings insurance but I have in contents the two times I was burgled.
My parents had a burst pipe which ruins about 2000sqft of oak flooring and all the rugs, thank god they had both buildings and contents.

@Saimaji

Thanks, everyone for your valuable suggestions:

BTW , does this insurance required by law or is it by choice?

Your mortgage company will insist on buildings insurance as you're borrowing against the building being sellable if you default! So they need the building to be there or rebuilt if it catches fire/collapses/floods. Contents insurance is optional - but I'd honestly say it is WELL worth it as most insurance will cover eg legal fees and new replacement etc and also cover things like bicycles/sports equipment out of the home. I would look on WHICH for their best buys as they summarise the benefits of various companies.

In my experience, if you are getting a mortgage, your solicitor will require proof of building insurance before asking for the funds from your mortgage provider to be released.

Your mortgage company will also need to be named as having an interest in the house on the buildings insurance.