Buildings Insurance at Exchange

[OlafLovesAnna]

We are hoping to finally exchange tomorrow and my solicitor reminded me I have to have buildings insurance on the new house in place.

It seemed quite simple until I started thinking properly about it - do I get a new policy (for a week) or is now the time to switch the buildings policy for the house I currently live in?

No you get a new policy for your new house. Keep the policy for your old house until you have moved and the house is no longer yours. Then cancel.

Thanks - that seems a weirdly cost-ineffective way of doing it doesn't it? It's a shame you can't get a week's temp policy like you do with a car then move your full policy once you move.

But you're insuring a different property with different rebuild costs ....

True - I'd forgotten that vital aspect!

Now to work out the rebuild costs.

Speak to your current insurer - mine did a 30 day crossover period covering both properties at no extra cost.

Well thank goodness you posted, also due to exchange tomorrow and had no idea 😱 I thought it was needed for completion. Job for the morning!

Hope exchange happens for you tomorrow 🤞

Yes, you definitely need insurance at exchange, as you are legally responsible then, completion is just for the finance etc. My solicitor reminded me too. Usually a comparison site will work out the rebuild cost, the land is the valuable commodity.

Saltythere are so many small things to sort out. I'm not even a first time buyer!

We are the same, no idea what we are doing to be honest! At least thanks to you we will have insurance 😜

I found this one of the most stressful parts. It took bloody ages with the insurance company.