House insurance for first time buyer

Jet Black

I'm in the process of buying a property and just looking at documents needed before closing. One of the last things I need house insurance and to have the notice of interest for the bank. What I don't understand is how do I receive the documents for the house insurance policy and when do I need to get insurance?

When I fill out the details online I don't put in my current address anywhere so I don't understand how I'll receive the documents.

Also if I buy the policy now and the sale fall through am I stuck paying for a house I never owned?

I'm probably jumping the gun a bit but just want to push it through as quickly as possible.

4ensic15

Jet Black wrote: »

I'm in the process of buying a property and just looking at documents needed before closing. One of the last things I need house insurance and to have the notice of interest for the bank. What I don't understand is how do I receive the documents for the house insurance policy and when do I need to get insurance?

When I fill out the details online I don't put in my current address anywhere so I don't understand how I'll receive the documents.

Also if I buy the policy now and the sale fall through am I stuck paying for a house I never owned?

I'm probably jumping the gun a bit but just want to push it through as quickly as possible.

Go to an insurance broker and get properly advised (and insured).

Lycoge

Jet Black wrote:

how do I receive the documents for the house insurance policy and when do I need to get insurance?

They will be sent to you by the insurance company. You then forward them to the mortgage advisor at your bank. Or if you get house insurance directly from the bank, the insurance department and mortgage department will link between themselves. (We did this with BOI for easiness sake but paid a higher premium than other quotes - we plan on shopping around when the year is up).

If you are taking out the insurance with a company other than the bank, you will need to have it in place a few weeks before you drawdown (to ensure the bank receives the documentation in time).

Jet Black wrote:

When I fill out the details online I don't put in my current address anywhere so I don't understand how I'll receive the documents.

Best to phone the company you are getting the insurance with and explain to them you need it emailed / posted to your current address.

Jet Black wrote:

Also if I buy the policy now and the sale fall through am I stuck paying for a house I never owned?

Depending on the company, they may charge you certain cancellation fees if you were to cancel the insurance policy after the 14 day cooling off period. Again, best bet is to phone the insurance company and ask about that.

Good luck with the final stage of the process.

Lycoge

Also, you will need to know the reinstatement value of the house for the insurance policy. This will be assessed by the person completing the valuation of the property.

paulers06

Congrats on your new home! We bought our first home last year. I went online and for our quotes. Once we picked an insurer (aviva), I called them with the quote ref and gave the bank as an interest. They then posted docs to both the bank and us

JoeySully

The postal address on the policy does not need to be same as the risk address. You can take out the policy starting on the day agreed on the contracts, this can be done weeks before the date.

baldbear

Jet Black wrote: »

I'm in the process of buying a property and just looking at documents needed before closing. One of the last things I need house insurance and to have the notice of interest for the bank. What I don't understand is how do I receive the documents for the house insurance policy and when do I need to get insurance?

When I fill out the details online I don't put in my current address anywhere so I don't understand how I'll receive the documents.

Also if I buy the policy now and the sale fall through am I stuck paying for a house I never owned?

I'm probably jumping the gun a bit but just want to push it through as quickly as possible.

We are in the same boat but a bit ahead of you.

So we have our house insurance with AIG. We got quote online & emailed straight away & forwarded to the bank.
So the address doesn't matter for posting document.


You have a 14 day cooling off period.
We have our insurance start date from tomorrow, which is 1 week prior to our actual move in date the 26th Feb.

Our solicitor said do this so money will clear with bank in time.

Anyway. Good luck.

JoeySully

also its essential that the risk address matches the address that the bank has. We had this problem where the auctioneer used a different town land and the bank copied it, we took out insurance for the correct address but the bank wouldn't accept it and we had to get the insurance company to change it.

kala85

Any advice in terms of insurance whereby the insurance company are insisting that the property is occupied from the date the keys are given.

What about a property where the house needs to be decorated/ heating needs to be sorted out etc and cannot be occupied when the keys are handed over.

Thestones

kala85 wrote: »

Any advice in terms of insurance whereby the insurance company are insisting that the property is occupied from the date the keys are given.

What about a property where the house needs to be decorated/ heating needs to be sorted out etc and cannot be occupied when the keys are handed over.

We had this, they said it could be unoccupied for a max of 30 days which for us was long enough to do what we needed before moving in. There are so many people who buy and do work before moving in it has to be a common issue. I would ring a broker that deals with lots of companies who can advise on your circumstances.