Insurance between exchange and completion

[OnthePisteAgain]

I have exchanged contracts on my new house today and have been advised by my solicitor that I need to get buildings insurance from today! I had no idea this was a thing. I do not have a mortgage, so it's not a condition from them.

Any recommendations of who to go through? It seems a lot of regular buildings insurance policies will not cover me while the vendor is still living there. Just did a quote on a specialist website, and they have said they can no longer do short cover policies! We are not completing until January, so a bit of a risk not to take any out.

...they have said they can no longer do short cover policies

But surely you will want to have buildings insurance once you live there, so why do you need a short cover policy?

We insured our house from exchange and still have the same policy a year later. We also don't have a mortgage.

I just used the same company I was already insured with. They charged a bit more to be covered on two properties for the short time between exchange and completion but it wasn't difficult.

Because a lot of standard buildings insurance policies don't provide cover when you have not completed. You have to tell them you are not living in it. This is why I have posted, to see if anyone can recommend any companies that will cover for this period because not all of them do.

Do you have an insurance policy where you live now? The normal thing is that your existing insurer will add the new property into your current policy for the bit whilst you are at both properties

It's very important you sort it and it's a very normal point so there will be jnsurers able to do it - once you exchange you are responsible for the property on insurance risk

This is what I did. I rang them up and they covered the time between and completion for no extra charge ( it was only 5 days).

No I don't currently have a policy in my name. I've just read on another forum that LV cover for up to 90 days so will try them.

This is a really normal situation, you're just not quite explaining it in a way they understand.

The problems you have described in getting cover are real issues if they are the long term situation, but it isnt for you it's just temporary until you complete. Easiest option will probably be to arrange it via your existing insurance company. You need to tell them the date you will be completing but you want the policy "on risk" from today.

Even easier. Call any insurer, get a quote, choose the one you like. Tell them the date you're due to complete but you've exchanged today so it needs to go on risk now. Done.

Ring your current provider. We found ours will insure for 30days for free from exchange then move our current policy over. Your solicitor should have advised you sooner. Ours has asked for proof of quotes. Once you have exchanged your legally liable for the building.

https://www.exchange2completion.co.uk/

I’ve never had a problem getting insurance after exchange and before completion. It’s standard. Go through a broker if you are struggling to find it directly.

What are you saying to insurers? Are you asking for a policy for a house you are not living in or saying that you are buying a house, have just exchanged and would like to insure it for the next year?

Dont exchange until ready to complete (same day). We had this problem, even worse as new build ... cost a fortune!

This is standard surely? When we bought our house our solicitor advised us well before exchange we needed to have cover in place, and we still have the same policy and insurer (Direct Line) six years later.

Edit - agree with PP your solicitor should have advised you sooner.

Its standard . Just say you're exchanging on the house on the 2nd and need cover from then. Don't separate out the period before completion.

Why are you looking for a short term policy anyway? Surely you want the house insured permanently going forward, and you just need to ask them for cover to start at the point of exchange.