Looking for house insurance between contract exchange and completion

[Smart320]

We are about to exchange contracts on a house within 2 or 3 days with completion on 23rd August.
As we are currently in short term rented accommodation I will need to purchase a specialist policy to cover us for the period between exchange and completion. Normally your current house insurance would allow you to do this as part of the changeover to a new address but not an option in our situation.
Can anyone recommend either a broker or insurance company who would offer this insurance.
Having googled can only find one easily and have been waiting for them to call back for 24 hrs

 

[Tonye]

If they can't call back within 24hr find someone who can sort a policy straight away, its not rocket science for them. Have a chat to some of the main stream groups and auction houses.

 

[Tonye]

Or try your old insurers.

 

[Smart320]

Tried old insurance company already , hence the requirement for special standalone policy.

 

[baxlin]

Going back many years, when I was a Building Society branch manager, once a mortgage offer had been issued, the property automatically went onto the Building Society’s block policy - the reason being they needed to have their security (the property) covered. Wouldn’t necessarily help you direct, but it would mean all wouldn’t be lost.

A few thoughts - can you ask the vendors to keep it insured until completion, or, as you are going to need to insure it after completion, won’t that insurer take it on from exchange? After all, you are contracted to buy the pty, so it’s solid business for them.

Tbh, Though, i would have thought a decent high street broker if approached face to face ought to be able to place it.

HTH

 

[m80]

You are in contract to buy,
so the property is still the ownership of others.
Surely they will have cover.

 

[Tonye]

You are in contract to buy,
so the property is still the ownership of others.
Surely they will have cover.

My thoughts as well.

 

[Tonye]

Its not your to insure until you have completed and have the keys i would have thought.

 

[BIGDOG]

You are responsible for the property once you have exchanged contracts.

In my experience any provider can cover this, just tell the start date.

 

[Tonye]

You are responsible for the property once you have exchanged contracts.

Correct, but not the owner till completion. Thats just madness but true, just ask Google.

 

[Tonye]

Do a search for, house exchange insurance, on Google and it comes up with comparethe market and others.

 

[MCFastybloke]

Ask your solicitor. You cant be the first.

 

[Smart320]

Ask your solicitor. You cant be the first.

They won’t recommend anyone, have asked , need to find a specialist in this type of policy . Just wondered if any forum member might have been in this situation or was in the insurance game .
Am sure it’s possible to find cover , was just trying to save some time on the keyboard and phone

 

[MCFastybloke]

Then an old school broker if you can find one. We have one here where i live, Tozer Insurance. They are never the cheapest but have helped me out with specialist stuff for my work.

 

[BIGDOG]

They won’t recommend anyone, have asked , need to find a specialist in this type of policy . Just wondered if any forum member might have been in this situation or was in the insurance game .
Am sure it’s possible to find cover , was just trying to save some time on the keyboard and phone

If you were my client I’d be making a referral to uinsure.

Home insurance is a bit of work for very little income.

 

[Bobby Dazzler]

Blimey, I never knew this. It’s never been made to known to me by Solictors or lenders each times I bought property and there have been multiple of each. I also tend to be pretty good at reading small print and I don’t remember seeing this in the contracts either. Glad I read this thread.

Would it be easier to simply start you building and contents insurance on the date of exchange rather than the completion date?

 

[Smart320]

Blimey, I never knew this. It’s never been made to known to me by Solictors or lenders each times I bought property and there have been multiple of each. I also tend to be pretty good at reading small print and I don’t remember seeing this in the contracts either. Glad I read this thread.

Would it be easier to simply start you building and contents insurance on the date of exchange rather than the completion date?

No not possible as the property is owned and occupied by the vendor until completion.
If it burnt down the insurance company would not pay out - you would effectively be uninsured. There is also no legal requirement for the vendor to have any insurance in place at any time .

 

[MSG2004]

You are responsible for the property once you have exchanged contracts.

In my experience any provider can cover this, just tell the start date.

This is true. You don't need to take our insurance between the gap of exchange of contrast and completions but any decent solicitor worth their salt would offer you advice to do that. The sol will also get ins for you. It may be a few more quid expensive but in the scheme of things, it is peanuts

Those saying the sells insurance should cover it - more recently most people have building insurance but years ago many that had paid off on their property that I knew of did not - even these days, you read about causes of storm/fire/flood damage and builds not being insured as it is not a requirement of the lender if no money is outstanding. When we had a mortgage years ago, I don't believe the lender kept a close eye on if we had buildings insurance or not

So, get the solicitor to get you the cover.

 

[m80]

No not possible as the property is owned and occupied by the vendor until completion.
If it burnt down the insurance company would not pay out - you would effectively be uninsured. There is also no legal requirement for the vendor to have any insurance in place at any time .

I'm not aware of any legal requirement anyway, the only requirement I'm aware of is made by lending sources. That's to cover their risk.

You're contracted to buy a property.
The contents, if any, and the condition of the property is all recorded.
If that isn't the same at time of completion then the deal fails. You don't buy as what has been agreed isn't possible.

I really don't see how you could make a claim on something you don't own in the event as the insurance principle is to compensate losses.

Should said house burn t' ground there's nowt to buy but land and debris.
Surely any solicitor would be obliged to inform all parties. Any mortgage company would refuse to release funds so you wouldn't complete the purchase, and the vendor loses.

Happy to be shown to be wrong.

 

[Smart320]

I have a small ported mortgage, so the bank requirements are that insurance is in place on exchange , I am not going to take a risk that the property is uninsured between exchange and completion, especially as we have not met the vendor, who is not living in the property currently. As was stated the cost is not relevant given the value of the property to be insured