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Be aware that there could be limits on what level of insurance is provided for your personal possessions during the move
In our experience, buyers often leave insurance to the last minute when purchasing a new home, as they assume arranging it will be easy. And often, they aren’t aware that risk typically passes at the exchange of contracts, and this is when insurance should be in place. There are also all sorts of things that can trip you up and leave you without the right level of cover that you need, when you need it.
Cover at point of exchange
There are lots of potential insurance complications that can derail what seems like a straightforward sale, from a non-standard property, or one with an adverse prior history of subsidence or flooding, to an indemnity issue causing problems. And if you can’t find cover, it may adversely affect the your purchase. By speaking to a specialist insurance broker like Howden as early as possible in the buying process, you can make sure that insurance is not a barrier to purchase and that you’re all set to go on the date of exchange.
Contents insurance
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 removals company you may be tempted to rely on their cover. However, check the small print as it may be limited, and should you wish to top up, it could prove expensive.
Make sure that insurance is not a barrier to purchase and that you’re all set to go on the date of exchange
In the excitement of moving to a new home, it’s easy to overlook the need to have adequate insurance in place at the time that contracts are exchanged
Planned building works
If you’re planning to renovate, convert or extend your new property, remember to let your insurance company know. 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. Building works insurance can be a minefield and it’s easy to find yourself lost in a myriad of terms and conditions. That’s why you should speak to a specialist broker like Howden. We’ll translate policy wordings, explain any detail you might be unsure of and, most importantly, make sure that you have the right level of cover in place. Remember that once you’ve finished the works, you’ll need to review your sums insured. Failure to increase them upon completion of the building work could result in your home being significantly underinsured.
Insurance with Howden
Providing advice is at the heart of everything we do, so we always offer clear, sensible and independent advice about what our clients should insure and how, so you can be confident in the event of a claim.
To that end, we’ll always check the small print and offer guidance on any limits and exclusions. And we’ll offer transparency and clear communication throughout the claims process.
