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Buildings insurance vital when moving home

 

Moving home this Spring

As we move closer to summer, the evenings become lighter and we can do more with our evenings. 

From safer evening runs to viewing properties after work, the warmer weather brings with it more options.

cartoon of a dog sitting on top of a house balancing on a hand barrow

The crossover period

For anyone buying or moving to a new home taking out buildings insurance for the new property is vital, as much for financial security as a requirement by the mortgage lender. But when should buildings insurance begin? 

two men, one holding documents, shaking hands with a house in the background Perhaps surprisingly, it is actually when the contracts are signed as opposed to when the keys are handed over.

The period in between exchange and completion could therefore run into the weeks and even months, leaving a crossover period when you will need to protect your property.

The damage that could potentially be sustained in this time could cost thousands to rectify if your new home is unfortunate enough to be battered by storms or catches fire. Failing to take out insurance for this time period could prove to be a very costly mistake.**

Furthermore, mortgage payments are due whether your home is habitable or not. By not having adequate insurance you risk the double whammy of having to fork out for repair work whilst also having to pay for alternative accommodation whilst your home is made habitable.

The difference between buildings and contents

Buildings insurance differs from contents insurance as it covers the bricks and mortar of the property rather than the possessions within it. 

To distinguish exactly what is covered in each it is advisable to check the policy details; however as a general rule buildings insurance covers anything that is attached to the property like the kitchen cupboards for example, and contents covers anything that can be removed.

**  It is my understanding that most solicitors now insist buyers insure their new property before they exchange even though this means that both buyer and seller hold insurance on the building.

 


   

 



 

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