During the house buying process, you normally have more than enough on your plate what with slow solicitors, pushy estate agents, pessimistic surveyors and finickity vendors. Combine this with actually organising the move, it is easy to let things slip your mind. I find lists are the way forward, and at the very top of this list I would write buildings insurance.
As the purchaser, it is your responsibility to insure the building that you are buying from the moment that you exchange contracts (not move in) this is due to the fact that from this point you are legally bound to buy it and the vendors are legally bount to sell it to you. This does not, however, mean that you are responsible for its contents as it is not yours and you have not moved in yet. This comes at completion when you open that bottle of bubbly, bring all of those bursting boxes in and the real fun begins.
If you use an online service for your buildings insurance - be warned, you will need to ensure that your sums insured (re-building costs) are accurate. Unfortunately, it is all too common that people are underestimating this, or worse trying to scrimp and save by keeping the sums insured low. This is a risky business and is a 'trap' that can be avoided. You should review your sums insured annually as property prices often fluctuate by 10% or more and therefore the cost of labour and materials to re-build your (new) home could also in relation to this. Two recent examples that we have come accross and rectified will scare the life out of you and ensure that, next time, you invite the professionals round:
Member since: 22nd June 2011
Having worked for over 10 years in the Hospitality and Catering Trade, I am able to bring a fresh outlook on how customer service can effect how our, family run, Insurance Brokers operates.