26 Lowther Street, Carlisle, CA3 8DA
Purchasing a property can be a busy, stressful time and it can seem like there are a million things to remember. Some things however, are more important to remember than others – for example, getting the right insurance in place at the right time.
Many people believe that they only need to take out buildings insurance once they move into their new home. However, this is not the case. It can come as a surprise to find out that, in most cases, the responsibility for insuring the property becomes the buyer’s as soon as contracts are exchanged.
Avoid stress, get prepared
Exchange – Once contracts have been exchanged, you’re committed to the purchase and can’t back out without forfeiting your deposit.
Insure – If the property is damaged or destroyed between exchange and completion, you’re still contractually bound to complete the purchase and will immediately face hefty costs to repair your brand-new home.
Relax – To avoid stress and guarantee peace of mind, researching your options in advance and taking out insurance on the day contracts are exchanged is very important.
Getting the right policy
Buildings insurance covers the cost of repairing or rebuilding your property in the event of damage. It covers the structure of the property, as well as outbuildings such as garages and sheds and fences, and external items such as pipes, cables and drains. It doesn’t cover possessions and furniture inside your home – you will need a separate contents insurance policy for this.
How much you pay for buildings insurance will depend on the rebuild value of your new home. This should not be confused with the property’s current asking price. It is how much it would cost to completely rebuild your home from scratch. There are tools available to help you calculate the rebuild value of your home, including a special calculator on the Association of British Insurers’ website.
Here to help
We can help you find he most suitable buildings insurance policy for your circumstances, giving you one less thing to worry about. We can also advise on any additional cover you may need and get everything in place by the time you exchange.
As with all insurance policies, conditions and exclusions will apply.
Disclaimer: The information on this website is for use of residents of the United Kingdom only. No representations are made as to whether the information is applicable or available in any other country which may have access to it.
Registered Address: 26 Lowther Street, Carlisle, Cumbria, CA3 8DA
Company Number: 05718865
Stan Sherlock Associates Limited is an appointed representative of the Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the financial conduct authority.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Some buy to let mortgages are not regulated by the financial conduct authority.
Approved by The Openwork Partnership on 01/11/2023
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