Confused about insurance

[Scubadivinginabox]

We're exchanging soon and I know we need buildings insurance on the new house from the point of exchange. But we're still legal owners of our current house until completion - does this mean I need 2 insurance policies?

You technically only need it on the new property, as if your old one burns down the buyer still needs to buy it so no loss to you.

BUT I’d insure both as I wouldn’t want to be in that position trying to force completion on a buyer who presumably won’t have enough money to complete without a mortgage and then might not be able to draw down the mortgage.

Super helpful, thank you!