House insurance on sale agreed

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Hi. Friend is selling house and the closing date is sometime this month. His house insurance is due for renewal next Friday. He doesn't want to needlessly re-insure the house for another year. I'd appreciate if anyone has experience or is it best to just re-insure on a month-by-month basis? Thanks
 
Maybe pay by instalments or other option is 14 day cooling off period but check if that is for online renewal payments only.

There would most likely be a handling charge for cancelling mid-term.
 
Well, if he wants to take the risk of the house being destroyed between the renewal date and the closing date, why not?

For the cost of one year renewal (a few hundred euro) what's the problem ( a few hundred thousand euro loss)

Once he renews and the house sale is completed, ge can cancel the insurance and get a refund, less an administration charge

Saving pennies to lose pounds, comes to mind
 
Closing dates shift all the time even if written in stone contractually. Considering the price of houses today the sum involved is likely to be miniscule. The risk of not having insurance and an accident happening is far far more costly.
 
Thanks all and I will pass on your replies. Installment payments sounds most practicable (if possible) and saving pennies to lose pounds also makes sense. I agree that a fixed closing date might not be too dependable also.
 
Small beans, in the overall scheme of things....

I'd pay the renewal, and try for a partial refund, after the sale completes
 
And if the house is already vacated then make sure that the policy covers that scenario.
 
Insure it, then when house sale closes, cancel it and most insurers will refund for the unused period less a small admin fee and assuming no claim.

Double check the conditions, but I'd assume all do it

Here's Axa - We will issue a refund based on the unused days left to run on the policy, provided no claims have been made on your policy. We will not refund an amount less than €15. We will not refund your premium if you are paying it under an instalment scheme(unless you made an overpayment)
 
It may also be possible to transfer the insurance policy to his new property (if applicable).
I was able to do this when I moved house a few years ago, I even got a refund from Zurich as the insurance on the new property was cheaper!
 
The property is not sold until the sale is formally closed.
As others point out closing dates can shift.
Also, a sale/purchase can fall through thus putting the property back on the market. I am looking at one house on our road which has gone from for sale to sale agreed to sold and now back to for sale.
To run the risk of the house insurance expiring is very hazardous. Safer to cancel / transfer the insurance after the property has been sold.
 
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