Building insurance

20
Posted 3rd Oct
I am in the process of arranging a building insurance for the house we're buying and had few doubts.

Can I use any provider or are there only certain that provide these type of insurance, because we only want to start the insurance one the keys have been given to us - is there any provider that you would recommend?

Do I only need to get just building insurance or any other as well, our lender have not mentioned anything but heard from few that I need to get insurance before exchanging.

What is the typical cost?
Community Updates
Ask

Groups

20 Comments
You can get home insurance from any comparison site and maybe cheaper via toipcashback etc

Building insurance is a requirement and you can choose the start date when you go through the sign up, there is also contents insurance that you may want to protect the contents of your property and you can declare high value items etc.

Check this out: moneysavingexpert.com/ins…nce

And congrats on your new home!
Edited by: "Myriad" 3rd Oct
Myriad03/10/2019 20:25

You can get home insurance from any comparison site and maybe cheaper via …You can get home insurance from any comparison site and maybe cheaper via toipcashback etcBuilding insurance is a requirement and you can choose the start date when you go through the sign up, there is also contents insurance that you may want to protect the contents of your property and you can declare high value items etc.Check this out: https://www.moneysavingexpert.com/insurance/home-insuranceAnd congrats on your new home!



IS the contents insurance requirement? And since I am not sure of the exact date when the exchange will happen, what can I put down as start date as I am assuming I would need it to start as soon as the house is in my name.
adamey1903/10/2019 20:27

IS the contents insurance requirement? And since I am not sure of the …IS the contents insurance requirement? And since I am not sure of the exact date when the exchange will happen, what can I put down as start date as I am assuming I would need it to start as soon as the house is in my name.


Contents insurance is not required. You could set a date 1-2 months out and then call to bring it forward otherwise just wait until you get a completion date.
Edited by: "Myriad" 3rd Oct
My understanding is that as soon as you exchange contracts you are responsible for insuring the property. You must have building insurance and name the mortgage lender on the policy, possibly even taking it via them. Contents insurance taken out upon completion and to cover you whilst moving is also worth having for obvious reasons. A combined policy will be cheaper.
Edited by: "JimboParrot" 3rd Oct
You should get notice of when exchange is to take place - just arrange your insurance to start then once you have the date.
I wouldn’t wait till you get the keys I would start insurance at the day you officially exchange

Example if you get the keys Friday I would insurance from midnight tonite
I don't believe this post is serious . Buying a house , yet apparently unaware of the requirement for buildings insurance by the lender or the advisability of contents insurance , let alone home emergency cover .

I think we are having our collective leg pulled ?
deleted90213903/10/2019 21:07

I don't believe this post is serious . Buying a house , …I don't believe this post is serious . Buying a house , yet apparently unaware of the requirement for buildings insurance by the lender or the advisability of contents insurance , let alone home emergency cover .I think we are having our collective leg pulled ?


I never said I am unaware of the requirements, the lender has not mentioned that we require building insurance which is quite odd, hence the reason for the post.

And it never hurts to get advise
Edited by: "adamey19" 3rd Oct
Home insurance is split into two parts. Building and contents. Most people take our both but mortgage companies insist on building insurance as a minimum.

Building insurance insures you in case of subsidence or damage to the building in a storm or flood or fire. It doesn’t cover any contents within the building unless you add contents insurance to policy.

If your house is near a road or your driveway runs up to your house you should also consider adding accidental damage cover to the buildings part of the policy as you may accidentally crash your car into it which would mean your then covered.
Your Solicitor should advise you of the requirements prior to/upon exchange. Hopefully, you're not using one of those online firms!

Did you get the survey sorted?
cmdr_elito04/10/2019 06:44

Home insurance is split into two parts. Building and contents. Most people …Home insurance is split into two parts. Building and contents. Most people take our both but mortgage companies insist on building insurance as a minimum.Building insurance insures you in case of subsidence or damage to the building in a storm or flood or fire. It doesn’t cover any contents within the building unless you add contents insurance to policy.If your house is near a road or your driveway runs up to your house you should also consider adding accidental damage cover to the buildings part of the policy as you may accidentally crash your car into it which would mean your then covered.


Never heard of a car crashing into a house being Buildings Accidental damage. I understood Accidental damage covers you for accidents on your own part, such as putting your foot through the loft or dropping something on sanitary ware and breaking it, not damage or negligence by others. In the case of a car crashing into the building, you would claim against the car policy (third party damage liability)?
If you plan to extend the property, look carefully at the policy. Some do not cover it at all and you need the builder to have cover. Others cover, say, £50k value of works.

As ever. Cheap insurance may not be good insurance. When you need to claim, you needed be confident they will payout and that your premiums for next year won’t be hiked unreasonably
JimboParrot04/10/2019 07:28

Your Solicitor should advise you of the requirements prior to/upon …Your Solicitor should advise you of the requirements prior to/upon exchange. Hopefully, you're not using one of those online firms!Did you get the survey sorted?


I was going to go with online firms but opted out

I am gathering quotes for the survey and probably decide in few days, any recommendations for companies? I am getting the building servey
ccnp04/10/2019 09:11

If you plan to extend the property, look carefully at the policy. Some do …If you plan to extend the property, look carefully at the policy. Some do not cover it at all and you need the builder to have cover. Others cover, say, £50k value of works. As ever. Cheap insurance may not be good insurance. When you need to claim, you needed be confident they will payout and that your premiums for next year won’t be hiked unreasonably


I am planning on extending but probably few years down the line
ashmac03/10/2019 20:50

I wouldn’t wait till you get the keys I would start insurance at the day y …I wouldn’t wait till you get the keys I would start insurance at the day you officially exchange Example if you get the keys Friday I would insurance from midnight tonite


Make sense, will check with solicitor when the exchange date is likely to be and go with that
ccnp04/10/2019 09:08

Never heard of a car crashing into a house being Buildings Accidental …Never heard of a car crashing into a house being Buildings Accidental damage. I understood Accidental damage covers you for accidents on your own part, such as putting your foot through the loft or dropping something on sanitary ware and breaking it, not damage or negligence by others. In the case of a car crashing into the building, you would claim against the car policy (third party damage liability)?


It covers accidental damage by the policy holder and their family. Example given in documentation on mine was policy holder accidentally hitting the house with their car.
cmdr_elito04/10/2019 09:34

It covers accidental damage by the policy holder and their family. Example …It covers accidental damage by the policy holder and their family. Example given in documentation on mine was policy holder accidentally hitting the house with their car.


In which case the claim would be made via the car insurance policy.
JimboParrot04/10/2019 10:12

In which case the claim would be made via the car insurance policy.


Nope as car insurance doesn’t cover claims on private property. That’s why farmers kids can drive cars through fields as long as they aren’t on the road.
cmdr_elito04/10/2019 10:14

Nope as car insurance doesn’t cover claims on private property. That’s why …Nope as car insurance doesn’t cover claims on private property. That’s why farmers kids can drive cars through fields as long as they aren’t on the road.


Interesting. I had a shelf of paint cans fall onto the bonnet of my car and do a fair bit of damage. I contacted my house insurers where I had both contents and building insurance, and was told I would need to make the claim through my car insurers.

In fact I didn't bother as once the emulsion paint was washed off I decided to leave the dents.
Edited by: "JimboParrot" 4th Oct
You need buildings insurance from the day you exchange.
Imagine if you made a legal commitment to purchase a property (exchanged contracts) and between then and the completion date, the roof blows off or something similar.
Post a comment
Avatar
@
    Text

    Discussions

    Top Merchants