Ask your conveyancer for the start date
Under many standard contracts in England and Wales, the buyer takes on the risk in the building at exchange. A mortgage lender will normally expect suitable buildings cover from the point you become responsible. Your conveyancer should confirm the position for the particular contract.
Flats are often covered by a block policy arranged by the freeholder or management company. Scotland and Northern Ireland use different buying processes. Do not pick a date from a general guide when your solicitor can give you the right one.
If the seller remains in the property between exchange and completion, tell the insurer. You may have an insurable interest without control over day-to-day occupation. The policy provider can explain how this is handled and any information it needs.
Gather property facts while legal work continues
Insurers may ask about wall and roof construction, number of bedrooms, rebuilding cost, security, occupancy, previous claims, flooding and subsidence. Use the survey, Energy Performance Certificate and legal papers. Guessing an answer because exchange is tomorrow can create a problem later.
Run an early comparison if the property is unusual or has a difficult history. A quotation is not permanent; check its expiry and update anything that changes before the policy starts.
Rebuilding cost is different from the price
The sale price includes the land, location and market demand. Rebuilding cost estimates the work needed after a major insured loss, including demolition and professional fees. Some policies provide a broad standard limit, while others ask the customer for a figure.
Your survey may contain an estimate, and the recognised rebuilding-cost calculator can help for suitable conventional homes. Listed, unusually built or heavily altered properties may need specialist advice.
Do not assume the seller's insurer must continue cover for you. Asking about the existing provider can be helpful after a previous flood or subsidence claim, but you still need written terms in your own name that satisfy the lender.
Read the cover as well as the premium
Check the general excess and any separate amount for escape of water, flood or subsidence. Look at alternative accommodation, trace-and-access, accidental damage and home-emergency sections. Contents, bicycles and possessions away from home may be separate choices.
A lower premium can be suitable if the policy does what you need. Compare the exclusions and limits before buying. If an online question does not fit the property history, ask the provider rather than choosing the nearest convenient answer.
Tell the insurer about empty periods and work
A property may be empty between exchange and moving day. Standard cover can contain conditions or restrictions once a home is unoccupied for the period defined in the wording. Describe the dates and ask what heating, water, inspection or security requirements apply.
Major renovation needs a separate conversation. Removing walls or roofs is not the same as decorating before moving in. The builder's liability insurance does not replace buildings cover for your home.
Buildings and contents cover can be bought together or separately. Before completion there may be a building to insure but no belongings inside it. Set each section to the date and address that reflect the actual risk rather than accepting a default without checking.
Keep the answers and policy documents
Save the quotation answers, schedule, policy wording and contact details. Check the insured address and start date as soon as the documents arrive. Tell the insurer if completion moves, the occupants change or planned work becomes more extensive.
If you are also selling, ask when responsibility for the old property ends. There can be a period when two addresses need cover. Arrange it deliberately instead of cancelling one policy as soon as your purchase exchanges.
Keep the policy schedule and insurer’s contact details with the purchase papers. If the completion date changes, tell the insurer instead of assuming a few days make no difference.