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In our experience, buyers often leave insurance to the last minute when purchasing a new home, as they assume arranging it will be easy. However, there are all sorts of things that can trip you up and leave you without the level of cover that you need, when you need it. Here are the important things to remember…

Cover at point of exchange 

The property you’re buying becomes your legal responsibility as soon as you exchange contracts. That means you should arrange for your insurance policy to start from this date. There are potential insurance complications that can derail you here. From a non-standard property to a property with an adverse history of subsidence or flooding, to an indemnity issue causing problems. And if you can’t find cover, it may adversely affect the property purchase. So, start early and make sure that insurance isn’t a barrier to purchase.

Insurance during the move 

One thing that is easy to overlook is your contents insurance during the move. Most policies will provide some level of cover but there could be limits, such as restricting the total value of items covered or what is covered – for example, jewellery might be excluded. There may also be a time limit or complete exclusion for contents being kept in storage.

Alternatively, if you’re using a removal company and relying on their cover, check the small print as it may be limited, and should you wish to top up, it could prove expensive.

Planned building works

Let your insurance company know if you’re planning to renovate, convert, or extend your new property. Insurance policies have a building works condition written into the wording, and if you break this condition, you could find yourself without any cover. Larger scale works, especially if you’re not living at the property, may require an additional specialist policy.

George Seatter
M: +44 (0) 7500 032045
E: george.seatter@howdeninsurance.co.uk