You are almost there with the purchase of your first home, but it’s time to start thinking ahead and in particular organising home insurance for your new property, prior to exchange of contracts.
At what point do you become responsible for insuring your new property?
When you are in the process of buying a house you are responsible for insuring the property at point of exchange. It is YOUR liability if anything happens to the property between exchange and completion.
Your mortgage lender will want to see proof of insurance before the mortgage loan and funds are released to your Licensed Conveyancer or Property Solicitor. Your Mortgage Adviser will pass your insurance details to your Lender. Your will be advised that the insurance meets the requirements of your chosen lender.Top Tip … If you are buying a property that is Leasehold – Check with your property conveyancer, as the buildings insurance is usually paid for by the management company or the freeholder of the property. If this is the case, you will only need contents insurance and this could save you a fair amount of money on your insurance premium
Where to look for Home Insurance Policies – Buildings and Contents Cover
The First Time Buyer has a good relationship with a few home insurance providers. We have listed a few of these providers below for you. Important .. Make sure you check what is included with a home insurance policy. Make sure you are comparing like for like and the policy has the cover YOU are looking for.
Compare and save money on your home insurance
You can compare multiple home insurance policies and providers using a price comparison website. We have listed a few to get your started below.