When Should You Get Building Insurance When Buying A House?
August 10, 2022

If you are a first-time buyer, it’s likely that buildings insurance is an entirely new concept to you.

Buildings insurance essentially covers the bricks and mortar of the home, as well as anything that can be considered “fixed”, such as:

  • Walls
  • Doors
  • Floors
  • Roofing
  • Pipes
  • Bathroom suites
  • Kitchen cupboards

However, buildings insurance won’t cover your possessions within the home. To ensure these are covered, you’ll need contents insurance.

What Date Should You Put On Your Buildings Insurance?

When you purchase a property, it becomes your responsibility as soon as contracts are exchanged. This means that you should arrange to have an active buildings insurance policy from the date of exchange, prior to completion. If you use the services of a conveyancer when buying a house, they should helpfully point out the importance of insuring your home as soon as it becomes your property. After all, it’s one of the biggest and most expensive purchases you’re ever likely to make, and protecting your investment is paramount.

Who Is Liable For Property Damage Between Contract Exchange And Completion?

If a property sustains damage after contracts have been exchanged – for example, if a window is broken or a fence falls down – the seller of the property must inform you. However, the responsibility for carrying out any necessary repairs lies with the buyer. This is why it is important to have buildings insurance in place as soon as contracts have been exchanged.

What Are The Risks Of Putting The Wrong Date On Your Insurance Application?

Getting the date wrong on your buildings insurance application can have serious consequences – and you could risk invalidating any future claims you make on the policy. Entering the wrong date is considered misrepresentation, which means your insurer could legally invalidate your policy, leaving you hugely out of pocket in the event of any structural damage to your property.

What To Do If You Have Entered The Wrong Date On Your Buildings Insurance Application

If you have accidentally entered the wrong date on your buildings insurance application, it is important to contact your insurer as soon as possible. In most cases, your insurer should be able to adjust your policy to rectify the mistake, although in some cases it could slightly affect the price of your premiums.

For more information regarding when to arrange buildings insurance when buying a property, or for any other queries regarding property sales and purchases, speak to Bowsers, your local conveyancing solicitors in Fenland.

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