Home Insurance Requirements when buying new house

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cazb

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Our policy is up for renewal on existing home which(hopefully) we will sign contracts to sell next week. We are buying a new build house which will take 10 weeks from contracts to finish so we will need to rent for most likely a period of 8 weeks.

any advice on what our best options regarding insurance is? FBD suggested that we renew and transfer over to new property at the time of closing our old house and then take out a second "rental" policy to cover us for 8 weeks.

Do we need to cover the new build house from date of contract signature or the date we take ownership ( close and move in)?

To me it would make more sense to renew - then put then policy on hold for intervening period and reactivate when we close the deal on the new house.


Any practical advice/ experience appreciated?
Thanks CazB
 
I think the easiest thing to do would be to renew your policy but stay in your house before moving into your new house. Unless the new vendor is in a massive hurry you could come to an agreement where you pay them reduced rent for the time you are staying there. Once you move to the new house transfer the policy to the new property.


www.powerinsurances.ie
 
do you have any cover on the house in course of construction? if so, it can be extended to cover when completed until time you move in.

Once you sign the contract, you should insure as you have something to lose from then on.
 
Thanks for your replies.

Jimbobp - I wish this was possible but the buying couple have a young child and another on the way so they want to move in asap. I would prefer to rent an apartment for a month and make sure that our new house was perfectly finished rather than being under pressure to move in regardless.

Ravima - we are buying in a new estate so I would have presumed that the builder would have the new house insured unlike a self build when we would be responsible.

The area that I don't understand is who is liable for new house between the contracts signed and deal closed stage. I think the safest option is to transfer our policy as soon as we leave our existing house to ensure new house is covered and then take a short term policy to cover rental time.

Thanks
 
I think until you sign off on the snag list, any problems are the builders. I would reduce your policy to contents only when your in the rented accomdation (obviously you're not entitled to insure the rented property) and go back to a comprehensive policy once you move in and sign off on the snag. Best of luck with the new house.


www.powerinsurances.ie
 
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