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Moo.
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PostPosted: 23:27 - 26 Mar 2019    Post subject: Home Insurance Reply with quote

Made the next big step in my life and bought a house! After 5 months of waiting we finally have a completion date on the in April with exchange this Friday.

Issues I’ve encountered though is I need home insurance from exchange, but I got a quotation on a comparison site and rang the company, they said we can’t have their policy because there is more than 14 days between exchange and completion? Company was Policy Expert. Is this standard and am I going to encounter this with most comparison companies?

Doesn’t seem like an uncommon issue?

Complete house buying noob!

Thanks for the help Very Happy
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Polarbear
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PostPosted: 09:08 - 27 Mar 2019    Post subject: Reply with quote

I have no idea on that specific 'rule' however I would say I got a way better deal for my house insurance going to a local insurance broker than any comparison site.

It was tailored to suit me rather than 'generic' insurance as well as being cheaper.

It was nice to talk to a person that wasn't a computer tick box monkey as well.
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winz
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PostPosted: 11:27 - 27 Mar 2019    Post subject: Reply with quote

I recently purchased a flat which specified I needed Home Insurance. I just sorted it out the next couple of days after I moved in while sorting out all of the other admin bits such as services and CT etc.
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Minty
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PostPosted: 16:04 - 27 Mar 2019    Post subject: Reply with quote

Just get a policy from a website and put the exchange date as the start date. Doesn't need to be any more complicated than that.
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iooi
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PostPosted: 19:55 - 27 Mar 2019    Post subject: Re: Home Insurance Reply with quote

Moo. wrote:
Company was Policy Expert.
Thanks for the help Very Happy


Take a step back and find another ins co...

You simply set up your ins to start when you ACTUALLY own the house. Not before.
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Ste
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PostPosted: 20:13 - 27 Mar 2019    Post subject: Re: Home Insurance Reply with quote

iooi wrote:
You simply set up your ins to start when you ACTUALLY own the house. Not before.

I'm guessing that the OP has been told by their mortgage provider that the property needs to be insured between exchange of contracts and completion?
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iooi
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PostPosted: 22:23 - 27 Mar 2019    Post subject: Re: Home Insurance Reply with quote

Ste wrote:
iooi wrote:
You simply set up your ins to start when you ACTUALLY own the house. Not before.

I'm guessing that the OP has been told by their mortgage provider that the property needs to be insured between exchange of contracts and completion?


So they need to talk to either the mortgage co or their solicitor to get the correct date.

I would not trust the ins co if they come up with a answer like that..
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The Shaggy D.A.
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PostPosted: 11:59 - 28 Mar 2019    Post subject: Re: Home Insurance Reply with quote

iooi wrote:
Moo. wrote:
Company was Policy Expert.
Thanks for the help Very Happy


Take a step back and find another ins co...

You simply set up your ins to start when you ACTUALLY own the house. Not before.


All depends on the contract, but it's normally a requirement to have insurance in place from exchange.

https://insideconveyancing.co.uk/news/insurance-between-exchange-completion/
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Freddyfruitba...
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PostPosted: 12:21 - 28 Mar 2019    Post subject: Re: Home Insurance Reply with quote

The Shaggy D.A. wrote:
All depends on the contract, but it's normally a requirement to have insurance in place from exchange.
https://insideconveyancing.co.uk/news/insurance-between-exchange-completion/

It's been a long time since i bought a house, but I don't remember this at all. WTF is the buyer expected to insure before completion, when they haven't paid for the house yet, don't own it, don't have access to it, or any control whatsoever over it? If an (uninsured) house burns to the ground in between exchange and completion, surely it's the seller who's going to be screwed, not the buyer?
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The Shaggy D.A.
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PostPosted: 12:34 - 28 Mar 2019    Post subject: Reply with quote

I've just bought one, raised the same question. If you've exchanged, you've contracted to buy the house. If it then burns down, you've contracted to buy a pile of smoldering rubble. You're going to insure it anyway, so it makes no real difference for a couple of weeks.
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1198
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PostPosted: 21:59 - 28 Mar 2019    Post subject: Reply with quote

Get keys, sit in front room, insure. Get on with life.
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Moo.
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PostPosted: 20:05 - 02 Apr 2019    Post subject: Reply with quote

Cheers for the replies guys.

Its part of the mortgage contract that we need to insure the house from the date of exchange. Very strange and to me, illogical... Why do i need to insure something i dont yet own, don't live in, with someone else living in, who could burn it down? Buuuut.. all part of the process!

Turns out Policy Expert were just talking shite. Went with Coop who said normally they will cover upto 30 days between exchange and completion.

Bring on the house!!!
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Ste
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PostPosted: 09:49 - 03 Apr 2019    Post subject: Reply with quote

Moo. wrote:
Why do i need to insure something i dont yet own, don't live in, with someone else living in, who could burn it down? Buuuut.. all part of the process!

You need to insure it because you and the mortgage lender have got a financial interest in it.

You've entered into a contract to buy the house using money from the mortgage lender. You're going to be the owner of that property be as it stands today or as a smouldering pile of rubble.

It's part of the process that covering your back as you're the one who would be fucked over if things went badly wrong between now and completion.
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The Shaggy D.A.
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PostPosted: 10:17 - 03 Apr 2019    Post subject: Reply with quote

Moo. wrote:
Why do i need to insure something i dont yet own, don't live in, with someone else living in, who could burn it down?


Because at exchange of contracts, you're legally bound to buy it. Why wouldn't you want to insure it?
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bhinso
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PostPosted: 10:48 - 03 Apr 2019    Post subject: Reply with quote

Home insurance seems to me to be the only insurance product that is not ridiculously overpriced and good value for money.
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MCN
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PostPosted: 18:53 - 03 Apr 2019    Post subject: Reply with quote

bhinso wrote:
Home insurance seems to me to be the only insurance product that is not ridiculously overpriced and good value for money.


Travel insurance?
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