When you’re in the process of buying a house, you might think the best time for your Home Insurance cover to kick in is on the day you move in. Right?
In fact, you must make sure you’re covered on the day you exchange contracts because it’s at that point that you become legally responsible for the property.
Avoiding a nightmare
Imagine the scene…. you’ve just exchanged contracts on your lovely new home and you’re packing the last of the boxes and finalising the move date with the removal firm. The next morning, you get a call with the news that a tree has crashed through the roof of your new home during an overnight storm and you now have to find the money to fix the damage, as well as temporary alternative accommodation because you had arranged your buildings insurance to coincide with your move in a few days’ time.
It may seem unlikely but we would always recommend that you have cover in place on the day you exchange. And when it comes to contents insurance, it’s wise to make sure the cover you take out includes ‘Goods in transit’, in case any of your personal possessions are damaged during the move. Make sure you check with your insurer beforehand as some policies will only cover you for this if you use a professional removals firm.
First time buyer?
If you’re taking out buildings and contents insurance on your first home, take the time to compare the policies available and don’t just pick the cheapest – it’s often a truism that you get what you pay for.
It’s useful to check the additional benefits that come with the cover as these will vary with every insurer. For instance, one might offer £1,500 worth of cover for flood damage and another might cover double the amount. Sheds, garages and outbuildings and the contents inside them, may or may not be covered, so make a point of checking these too.
If you’re looking to move to an area that’s prone to flooding, it might be worth taking out cover for alternative accommodation so that you don’t have that additional worry if your house was to become uninhabitable due to a flood.
Buying your first home or moving to a new one, can be exciting, but stressful. Talk to us about home insurance cover and we can help to take the strain.