Are you aware when you must have valid home insurance in place?
When purchasing your new property it is vital you have a valid buildings insurance policy, otherwise you could be liable for momentous costs in case of a fire or flood or other risks arising.
Ordinarily, responsibility passes to the buyer upon exchange of contract during the purchase process, even though technically the seller still owns the property. It is always best to seek advice on this matter with your conveyancing solicitor to ensure you are in the best possible position upon exchange.
However, when purchasing a leasehold property the boundaries are different in that buildings insurance will generally already be in place. All that changes is once you become the legal owner you then take on responsibility for paying your portion the existing insurance.
How do I go about setting up home Insurance?
If you are a first time buyer it can be daunting, however home insurance is easy to obtain and often can be done online. If your mortgage is with a financial institution such as a bank, they will often offer their own insurance as an additional service. Alternatively many comparison websites compare hundreds of insurers then it is up to you which you choose.
What about contents insurance?
Contents insurance is not mandatory, but without it your possessions are not protected from fire, flood, theft and other types of damage. Again comparison sites can help you choose the ideal package, and each will offer different payment options, excesses and policies.
It is a good idea to set aside some time to review the information to ensure you set yourself in the best possible position.
At Solomons Solicitors we offer a high quality, professional Conveyancing service. We have recently been awarded CQC status which is a mark of excellence awarded by the Law Society,
Call our friendly team on 01202 802807 for a free meeting to discuss any questions you may have about this article or in respect of any of our conveyancing and other legal services.