Moving house - Home Insurance timing

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suzyann

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Hi
I will be moving to new home in two weeks time - In order for my mortgage cheque to be drawn successfully the bank will need details of home insurance on the new property . I rang the insurance company I am currently with , with a date from which I will be moving in the hope that I can get proof from them that I can forward to the bank in respect of home insurance on the new property. The insurers have said that I should leave it till a few days before I am moving - ie 2/3 days as my policy be the same just updated to a new address and higher rebuild cost and they will fax the deatils to the banks head office - I am concerned by this and am worried that it may cause delays in the bank releasing the mortgage cheque - Anybody have any experience with this?
 
When we moved into our house originally I had no problem arranging cover for 00:00 on the very day of occupation and drawing down the mortgage. When shopping around for insurance each year I never had any problem arranging cover with a different provider to take effect at 00:00 on the renewal date. In no case did I ever have to arrange insurance for a few days before the relevant date just in case.
 
Suzyann,

you need to request your home insurance company to issue you with as letter of indemnity detailing the new property address , the amount its insured for and noting the interest of your new mortgage lender.. no need to wait a few days before closing as your right it may case delays., ask them for it now however specify that the inception date ( ie the date it goes into force) is the same date as you intend on closing. that way there will be no delays.
 
But were you able to give the bank details of the insurance on your new home well before moving day ?- It's not so much the day that the policy gets enacted that I am concerned with - it's more a case of the processing that is involved within the bank - Ie that they have proof that you have the insurance on the new property .
If I leave it till 2-3 days before due to move I am conerned that the processing of this in the bank could be slow and hold things up - I am not sure why the insurance company can not set me up for the date that I will be moving and I can forward this now to the bank giving them over a week to process the information
 
When we moved into our house originally I had no problem arranging cover for 00:00 on the very day of occupation and drawing down the mortgage. When shopping around for insurance each year I never had any problem arranging cover with a different provider to take effect at 00:00 on the renewal date. In no case did I ever have to arrange insurance for a few days before the relevant date just in case.
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you can obtain instant cover over the phone, however a mortgage lender will require documetation in regards to it and this will need to be with the mortgage lender before the mortgage cheque issues, so therefore hasd to be arranged in advance. however the policy does not need to go into force until the same day as the closing date.
 
suzyann said:
But were you able to give the bank details of the insurance on your new home well before moving day ?
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Yes. Can't remember the details but definitely got a letter of indemnity from the insurer to give to the lender before the date on which cover started - i.e. the date that the sale closed.
 
I am not sure why the insurance company can not set me up for the date that I will be moving and I can forward this now to the bank giving them over a week to process the information
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yes they can and should upon your request.
 
I aggree - hopefully I get a different girl when I ring the insurers again - Thanks Molly
 
If they can't/won't do this then shop around for another insurer who is competitive and who is more inclined to facilitate the customer.
 
Rang again - got different staff this time - guy has set up the transfer and is issuing the bank with the letter today via fax - Thanks
 
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