Home Insurance

[courier123]

We're in the process of buying a house but before the funds are drawn down the bank wants proof that we have home insurance. What start date should we choose for this home insurance policy? The vendor has home insurance, is that helpful?
Thanks a mil for your replies.

 

[horusd]

You need to be the owner of the house to insure it so cover should start from the official date when the purchase takes place.

 

[Ravima]

You need to be the owner of the house to insure it so cover should start from the official date when the purchase takes place.

No - you need to have an insurable interest in the house to insure it. You have an insurable interest from date contract is signed and perhaps a bit earlier, so you need to insure from date contract is signed at the latest. Bank will also want their interest noted on it, that is their name, that in the event of a claim they are also a payee on the claim cheque.