When should I effect building and life insurance when purchasing a property?
The normal rule is that risk in the property passes upon exchange of contracts (referred to above).Therefore upon exchange you have an insurable interest and that’s when building insurance for the property’s full reinstatement value must be taken out not on completion.
Similarly any new or existing life insurance which needs to be increased should also be placed on risk at exchange not completion because in the event of any purchaser dying their estate will still be liable to complete the purchase but the estate would not have the funds to purchase the property.
Phil Thompson, Sales Director.
I get asked by South County Dublin Home Sellers how to get the best price for their home all the time!
So, if you are struggling to know what your home could achieve in the market right now and would like some clarity, fill out the form below for a 10-minute call.
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