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Building Insurance vital when moving home – how and when


Buildings insurance
vital when moving home

by regalinsurance.co.uk


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

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

The difference between buildings and

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

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.