Buildings insurance - When you move

It becomes your responsibility to insure your new house or flat the day that you exchange contracts to buy the property. However, you should keep your buildings insurance cover on your existing home until completion, in case the buyer defaults. Let your insurer know in writing, beforehand, that you want an overlap. The cost of insurance varies depending on where you live so you may be charged a higher or lower premium. The move might provide a good opportunity to change insurer, in which case you should cancel your old policy if you pay monthly or, if you paid a year’s worth of premiums, you should ask for a refund for the unexpired portion of your existing policy.