Should I arrange buildings insurance on my new home from the date of exchange or completion?

Question

As the question says - I just want to find out when we should start our policy from?

Answer 1

If you are getting a mortgage for this purchase, the bank will tell you to have it in place before they will extend the money. You shouldn't be able to put insurance on buildings you don't legally own yet. That is the sellers responsibility. You should have contents insurance on your stuff that you have moved into the home until the completion is passed. Check all the paperwork involved, the contract should state a date for possession, and that would be the day. Most insurance policies extend coverage 24hrs beyond the end of the policy, which should overlap with your new policy on the home.

Answer 2

If you want to cover your butt, given we really are only talking a week or two, arrange insurance at whichever is the earlier, that way, in case of disaster, you are covered, no arguments.

Answer 3

Exchange!@~

Answer 4

Completion. Make sure you keep insurance on your old place until then as you are still the owner until completion.

Answer 5

Completion as till up to then the other party still owns the property.

Answer 6

You should arrange it from exchange.

Answer 7

From exchange it is your responsibility to have cover in place

Answer 8

you must have in place from EXCHANGE as that is when you are legally responsible for the property

Answer 9

exchange thinks best

Answer 10

On this one you are better getting advice from your solicitor.