Building insurance

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Posted 16th Nov
If I am buying a house on mortgage, can I use comparison sites like comparethemarket to get building insurance?

We are unsure of the final move in date but I am required to put a date to start the insurance when shopping on comparison sites, any advise on this?
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Don't forget you must insure from Exchange of contracts NOT your moving in date.
40 Comments
Most allow a quote for upto 30 days time ,so do that.
I would use the right post code but different house number and name as they will credit check the hell out of you.
Renewed mine without getting quote as was such a good deal. Looked on credit file to find 5 credit checs from same company.
Your mortgage company will try to sell it to you at an inflated price.
Have your best quote printed off and see if they will match or beat it.

The thing to watch out for is your first Mortgage payment could be as much as 50% more than you expect.
Depends on what is their first day of the month for billing ie 1, 15, etc.
Edited by: "bigwheels" 16th Nov
You can put any dates you like to get the quote. The issue comes when you want it to start, however you should know at least a week in advance as to when you will exchange and complete contracts and then just call them up on the day to activate it.

Also, your mortgage lender will want to see the insurance is suitable for their needs also if you don’t buy from them. For my first year i just went with the mortgage companies insurance suggestion as, although it was about 30% more expensive, i didn’t have to worry about getting them to check it, when to start it etc and they just forwarded me the insurance when the mortgage started. That way all the hassle was removed.
Don't forget you must insure from Exchange of contracts NOT your moving in date.
joyf453616/11/2019 09:29

Don't forget you must insure from Exchange of contracts NOT your moving in …Don't forget you must insure from Exchange of contracts NOT your moving in date.

Good catch, almost forgot
You need to ensure the house is insured from exchange of contract not completion as you are legally attached to it by then. Have you exchanged yet ?
Yes use comparison sites. Obviously times get changed and completion dates changed . But if you have a rough idea there is no harm in insuring for a few days over. Look into the price too you’re insuring the house for. Buildings and contents is your best option.
Good luck in your new home
Edited by: "superskilly" 16th Nov
ArcadeAssassin16/11/2019 09:17

You can put any dates you like to get the quote. The issue comes when you …You can put any dates you like to get the quote. The issue comes when you want it to start, however you should know at least a week in advance as to when you will exchange and complete contracts and then just call them up on the day to activate it. Also, your mortgage lender will want to see the insurance is suitable for their needs also if you don’t buy from them. For my first year i just went with the mortgage companies insurance suggestion as, although it was about 30% more expensive, i didn’t have to worry about getting them to check it, when to start it etc and they just forwarded me the insurance when the mortgage started. That way all the hassle was removed.



bigwheels16/11/2019 09:24

Most allow a quote for upto 30 days time ,so do that.I would use the right …Most allow a quote for upto 30 days time ,so do that.I would use the right post code but different house number and name as they will credit check the hell out of you.Renewed mine without getting quote as was such a good deal. Looked on credit file to find 5 credit checs from same company.Your mortgage company will try to sell it to you at an inflated price.Have your best quote printed off and see if they will match or beat it.The thing to watch out for is your first Mortgage payment could be as much as 50% more than you expect.Depends on what is their first day of the month for billing ie 1, 15, etc.


My mortgage provider hasn't recommenced any companies as of yet, I should probably check with them because if it's not too much of a difference, probably worth going with theirs to remove the hassle. But when I was working with a broker, they insurance company was 120% more than what I was getting on money comparison sites.

Up to what point do I have to arrange the insurance as it, not have it started but have something to show to the lenders that insurance is ready and will start on contract.
adamey1916/11/2019 09:36

My mortgage provider hasn't recommenced any companies as of yet, I should …My mortgage provider hasn't recommenced any companies as of yet, I should probably check with them because if it's not too much of a difference, probably worth going with theirs to remove the hassle. But when I was working with a broker, they insurance company was 120% more than what I was getting on money comparison sites. Up to what point do I have to arrange the insurance as it, not have it started but have something to show to the lenders that insurance is ready and will start on contract.



1 hour before ?.

No just kidding, I just got insurance 3 day before from memory but that was back in December 2000.
Then I sent them the email pdf the the halifax sent me with the policy details etc.
And all was fine.
Edited by: "bigwheels" 16th Nov
superskilly16/11/2019 09:35

You need to ensure the house is insured from exchange of contract not …You need to ensure the house is insured from exchange of contract not completion as you are legally attached to it by then. Have you exchanged yet ? Yes use comparison sites. Obviously times get changed and completion dates changed . But if you have a rough idea there is no harm in insuring for a few days over. Look into the price too you’re insuring the house for. Buildings and contents is your best option. Good luck in your new home


Not exchanged yet, our solicitor is doing all the paperwork ATM, I am not quite sure at what stage I need to show proof that we have insurance and that it will start on completion.

Can I start the insurance before the exchange date, I thought I need to legally own the property to insure it - by few days over, do you mean few days in advance or few days after completion?
I currently use a broker. I’m
With aviva. I can’t remember who I was with but it was a cheaper company and had to make a claim. They were a nightmare. I used a broker and they said to go back to aviva ( I have commercial insurance with them) they said aviva would not have dragged their feet like this. So cheaper doesn’t always mean better.
bigwheels16/11/2019 09:40

1 hour before ?.No just kidding, I just got insurance 3 day before from …1 hour before ?.No just kidding, I just got insurance 3 day before from memory but that was back in December 2000.Then I sent them the email pdf the the halifax sent me with the policy details etc.And all was fine.

haha, didn't know I can have the property insured ahead of exchange.
superskilly16/11/2019 09:39

I currently use a broker. I’mWith aviva. I can’t remember who I was with bu …I currently use a broker. I’mWith aviva. I can’t remember who I was with but it was a cheaper company and had to make a claim. They were a nightmare. I used a broker and they said to go back to aviva ( I have commercial insurance with them) they said aviva would not have dragged their feet like this. So cheaper doesn’t always mean better.


I'll probably go for a reputable company as well, but the one that broker recommenced has insane prices, like 86 quid or something per month.
From a mortgage lender perspective, it generally doesn’t matter which company you go with, it is simply a condition of the mortgage - from a lending perspective the insurance needs to be in place from the date of drawdown, the point at which the mortgage becomes legally binding.
This is what your solicitor is for so don’t worry about that. They may ask for insurance details of the house but I wasn’t asked for proof. However it will be a condition of the mortgage to have it. What contracts are exchanged just go and insure the house that day that’s probably your best bet.
You can ask a broker now to look
Into companies for you and they can amend the start date. You don’t have to use them? Don’t go with the one the mortgage company recommends they will go with who ever pays them
The most commission and not the one who will look after you!
The building needs to be insured from day dot..... there is no grace period.
adamey1916/11/2019 09:46

I'll probably go for a reputable company as well, but the one that broker …I'll probably go for a reputable company as well, but the one that broker recommenced has insane prices, like 86 quid or something per month.


What ? Are you buying a mansion? What roughly is the house value ?
I wish I could afford mansion 550k, in London.
What excess cover should I go for?
adamey1916/11/2019 09:58

I wish I could afford mansion 550k, in London.


Agh ok Blackpool here . So yes you’d get a mansion for that here explains the higher quote then, however I think you could still shop around. The higher the excess you go for the lower your premiums should be. To be honest with TVs etc it isn’t worth claiming now. £100-200 is what we usually go for, but we don’t claim for anything minor.
Seems very high. £30-45 per month shoild be more realistic.
Do a price comparison sites and it doesn't matter what date you put it, can always be changed.

Access is usually £250.
plus less for pipes etc.
Don't forget content including any items lile engagement ring for use in and out of the house.
AMaky16/11/2019 11:03

Seems very high. £30-45 per month shoild be more realistic.Do a price …Seems very high. £30-45 per month shoild be more realistic.Do a price comparison sites and it doesn't matter what date you put it, can always be changed.Access is usually £250.plus less for pipes etc.Don't forget content including any items lile engagement ring for use in and out of the house.


Yep, that did seem high and that is why I am hesitant to go with them. Been shopping around and am getting around £200-£400 for the year.
superskilly16/11/2019 10:52

Agh ok Blackpool here . So yes you’d get a mansion for that here e …Agh ok Blackpool here . So yes you’d get a mansion for that here explains the higher quote then, however I think you could still shop around. The higher the excess you go for the lower your premiums should be. To be honest with TVs etc it isn’t worth claiming now. £100-200 is what we usually go for, but we don’t claim for anything minor.


I won't be getting content insurance, I trust myself enough to look after my stuff (at least I hope) only going for building insurance to make the lenders happy.
adamey1916/11/2019 11:48

I won't be getting content insurance, I trust myself enough to look after …I won't be getting content insurance, I trust myself enough to look after my stuff (at least I hope) only going for building insurance to make the lenders happy.


content insurance are usually only few quid extra and worth getting. imagine the worst and you have nothing left - no clothes, any furniture, any white goods. average household has £10k worth of items easily. mattress alone can be £1k.
joyf453616/11/2019 09:29

Don't forget you must insure from Exchange of contracts NOT your moving in …Don't forget you must insure from Exchange of contracts NOT your moving in date.


Massive thanks !

I exchanged yesterday and did not take the insurance as I thought it was when I move in .

Just insured my home now

Thanks a lot

£18 PM Halifax best cover they do and home emergency

That’s with 10 years no claims and I was with them 10 years so happy with that
Edited by: "ashmac" 16th Nov
ashmac16/11/2019 12:30

Massive thanks ! I exchanged yesterday and did not take the insurance as I …Massive thanks ! I exchanged yesterday and did not take the insurance as I thought it was when I move in .Just insured my home now Thanks a lot


Phew, close call didn't your solicitor/lender pick this up? Congratz on the house BTW.
Edited by: "adamey19" 16th Nov
adamey1916/11/2019 12:32

Phew, close call didn't your solicitor/lender pick this up? Congratz …Phew, close call didn't your solicitor/lender pick this up? Congratz on the house BTW.


No they didn’t


Thanks
Edited by: "ashmac" 16th Nov
ashmac16/11/2019 12:33

No they didn’t Thanks



If you don't mind me asking, which provider did you go for and did you use comprasion site?
adamey1916/11/2019 12:34

If you don't mind me asking, which provider did you go for and did you use …If you don't mind me asking, which provider did you go for and did you use comprasion site?


For the Home Insurance I used Halifax and I don’t use the comparison sites , did you know when you do every single quote is a search in your credit file .

I’ve been with Halifax ten years and always been good to me . There home emergency cover alone is worth taking the mortgage out for .£1000 per call out for gas , water, heating and even pest ect £3 per month and I’ve used it Endless times in the past
adamey1916/11/2019 11:48

I won't be getting content insurance, I trust myself enough to look after …I won't be getting content insurance, I trust myself enough to look after my stuff (at least I hope) only going for building insurance to make the lenders happy.


Carpets usually come under contents cover. For a few extra quid I take it.

Being careful doesn't necessarily stop burst pipes, floods or fire.
Edited by: "ScubaDudes" 16th Nov
Contents insurance barely adds any costs so you're mental to not add it is insane. Burglary, fire etc. Crazy.

My solicitors wanted to see proof of insurance before the exchange (dated to start on exchange day), yours seem useless.
ashmac16/11/2019 12:46

For the Home Insurance I used Halifax and I don’t use the comparison sites …For the Home Insurance I used Halifax and I don’t use the comparison sites , did you know when you do every single quote is a search in your credit file .I’ve been with Halifax ten years and always been good to me . There home emergency cover alone is worth taking the mortgage out for .£1000 per call out for gas , water, heating and even pest ect £3 per month and I’ve used it Endless times in the past


My mortgage isn't with Halifax, so I probably wouldn't qualify for most of the benefits that you get
dcx_badass16/11/2019 12:53

Contents insurance barely adds any costs so you're mental to not add it is …Contents insurance barely adds any costs so you're mental to not add it is insane. Burglary, fire etc. Crazy.My solicitors wanted to see proof of insurance before the exchange (dated to start on exchange day), yours seem useless.


"yours seem useless" what do you mean?

I will get some quotes with content insurance as well, I thought it would be a hefty different, didn't know it is only few quids.
ashmac16/11/2019 12:33

No they didn’t Thanks


Well ask them WHY THE HECK NOT

It is in section 21 of THE LAW SOCIETY CONVEYANCING PROTOCOL which no doubt they informed you right at the beginning (in writing) they would be following - see their first couple of letters. (See below)
Download the Conveyancing Protocol 2019 (PDF 252 KB)

Update, as 'both sides' are using professionals that letter would go between them but they should still have reminded you.
Edited by: "joyf4536" 16th Nov
ScubaDudes16/11/2019 12:52

Carpets usually come under contents cover. For a few extra quid I take it. …Carpets usually come under contents cover. For a few extra quid I take it. Being careful doesn't necessarily stop burst pipes, floods or fire.


good point. my flooring cost over £8k when we moved in
adamey1916/11/2019 13:01

My mortgage isn't with Halifax, so I probably wouldn't qualify for most of …My mortgage isn't with Halifax, so I probably wouldn't qualify for most of the benefits that you get



My mortgage isn’t with them but I do bank with them
AMaky16/11/2019 12:23

content insurance are usually only few quid extra and worth getting. …content insurance are usually only few quid extra and worth getting. imagine the worst and you have nothing left - no clothes, any furniture, any white goods. average household has £10k worth of items easily. mattress alone can be £1k.


I probably be doing something insanely wrong but adding content insurance brings my quote from around £200 to £800.
Please be careful when using comparison sites for insurance. They ask you a load of questions and send the answers to various insurance companies, but the questions they ask are not necessarily the same as the ones the insurance company would have asked. Twice I have recieved a quote from a comparison site and decided to purchase the insurance. I always check the insurance companies data first and correct any errors and the insurance price usually goes up or has requirements that are different to the comparison site.
For example, my buildings/contents were up for renewal recently and confused.com asked if I had an alarm and I said no. I selected the cheapest well known company from the results and when checking the small print on the insurance company website, they said I needed a monitored alarm to be covered and this wasn't clear in purchasing process. I could easily have bought the policy, but would have been unable to claim (probably for anything).
adamey1916/11/2019 13:46

I probably be doing something insanely wrong but adding content insurance …I probably be doing something insanely wrong but adding content insurance brings my quote from around £200 to £800.


Wow I did 10k and I could of got it for £12 with home emergency but upgraded to highest level for £18 and that’s on a £300k house

Do you live in a war zone haha
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deleted1471098
bigwheels16/11/2019 09:24

Most allow a quote for upto 30 days time ,so do that.I would use the right …Most allow a quote for upto 30 days time ,so do that.I would use the right post code but different house number and name as they will credit check the hell out of you.Renewed mine without getting quote as was such a good deal. Looked on credit file to find 5 credit checs from same company.Your mortgage company will try to sell it to you at an inflated price.Have your best quote printed off and see if they will match or beat it.The thing to watch out for is your first Mortgage payment could be as much as 50% more than you expect.Depends on what is their first day of the month for billing ie 1, 15, etc.


They will only credit check you if you pay monthly. If you pay in full then no credit check.
deleted147109816/11/2019 14:17

They will only credit check you if you pay monthly. If you pay in full …They will only credit check you if you pay monthly. If you pay in full then no credit check.


That's good to know.
ashmac16/11/2019 14:06

Wow I did 10k and I could of got it for £12 with home emergency but …Wow I did 10k and I could of got it for £12 with home emergency but upgraded to highest level for £18 and that’s on a £300k house Do you live in a war zone haha


I am doing 7.5k on 550k house in London. At the price they showing me, it is indeed war zone.
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deleted1471098
Buildings policy costs will vary based on the cost to rebuild, the rebuild cost will be higher in London than elsewhere so don’t compare it with others say in the north of England. It will also likely take into account the rate of claims against this type of cover in the area.

Contents and accidental damage is worthwhile as it’ll cover you for breaking floods (either from rivers or pipe bursting etc).

Policies will range from £150-450 and you’ll will need to weigh up certain factors, who is underwriter of insurance .i.e Aviva even though it’s called “noname insurance”, what rating do they have from people who have made claims, what are the terms of the policy and excesses etc.

Cheapest isn’t often the best option.
Edited by: "deleted1471098" 16th Nov
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