Temporary home insurance between exchange and completion Urban Jungle from myurbanjungle.com
Introduction
Buying a home is a significant investment that requires careful consideration. One of the essential aspects of the home buying process is getting the right insurance cover. When buying a property, you need to have insurance to protect it from damage or loss. However, what happens when you exchange contracts before completion? Do you need insurance during this period? This article delves into the importance of short term building insurance between exchange and completion.
What is Short Term Buildings Insurance?
Short term buildings insurance is a type of insurance policy that covers your property for a limited period. In the case of buying a home, this insurance policy covers the property between exchange and completion. This insurance policy provides coverage for any damage or loss during this period.
Why is Short Term Buildings Insurance Important?
Once you exchange contracts, you become legally responsible for the property. This means that you are responsible for any damage or loss that occurs during this period. Therefore, it is essential to have short term buildings insurance to protect your investment.
What Does Short Term Buildings Insurance Cover?
Short term buildings insurance covers a range of damages or losses that may occur during the exchange and completion period. This includes damage caused by fire, theft, flood, or any other natural disaster. It also covers any accidental damage caused by you or your contractors during the renovation or repair work.
How Much Does Short Term Buildings Insurance Cost?
The cost of short term buildings insurance varies depending on the coverage and the insurance provider. However, it is usually a one-time payment that covers the entire period between exchange and completion.
How to Get Short Term Buildings Insurance
Getting short term buildings insurance is a simple process. Your solicitor or conveyancer can help you arrange this insurance policy. Alternatively, you can contact an insurance provider directly.
Benefits of Short Term Buildings Insurance
Short term buildings insurance provides peace of mind during the period between exchange and completion. It ensures that you are protected from any unforeseen damages or losses that may occur during this period. Additionally, it may help you secure a mortgage as some lenders require proof of insurance before completing the transaction.
Conclusion
In conclusion, short term buildings insurance is a vital part of the home buying process. It protects your investment during the period between exchange and completion. While it may be an additional cost, it provides peace of mind and ensures that you are financially protected. Contact your solicitor, conveyancer or insurance provider today to arrange short term buildings insurance.
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