STEPS YOU CAN TAKE TO PROTECT YOURSELF AGAINST PROPERTY FRAUD
Are you aware that you become legally responsible for your new property on the day of exchange? That is why it is important that you ensure that you have buildings and contents insurance arranged on the day of exchange. Buildings and contents policies are available separately, but you may save some money by opting for a combined policy. TRANSFERRING AN EXISTING POLICY Contact the insurance company you have your current building and homes insurance with as soon as possible, and definitely a couple of weeks before you anticipate exchange of contracts will happen and ask if your existing policy can be transferred to the new house. This sounds like the easiest option, but there are things to consider that can affect the premium. For instance: • The size of your new house – if it’s bigger and valued higher than your current home it will cost more to insure. • The postcode – being in an area where burglary rates are high will push up costs. • Switching from one house to another house in the middle of a deal. Check if there’s a switching fee on your existing policy. First time buyers should always shop around for the best price for a new policy. And even if you have an existing policy, it’s worth investigating whether another company would offer a better deal. Just check that there are no cancellation fees on your existing policy that would negate any savings. COMPARE COVER When it comes to insurance, it’s easy to be swayed by price alone, but cheaper policies may not offer you the cover that you need. It’s important to get an accurate valuation of your property as well as its contents, so that you can choose a policy that provides sufficient cover. Take some time to study and compare what each policy offers you – comparison websites make it easy. Other things to consider: • Does your insurance cover property you’re putting into storage? • Is your current house insured if the exchange date for old and new properties is different? INSURANCE FOR MOVERS Check that your contents policy also covers loss of or damage to your property during the move. Most removal companies will have their own insurance, but it may only cover the things that they have packed. If you’re planning to do the move yourself, or want to pack the boxes yourself, you will have to arrange your own insurance. In both instances, always check the policy excess. When you’re booking a removal company ask about their insurance policy and make sure that they’re fully insured for the whole move. If you have items that are particularly precious, it’s worth getting them valued as you may need to highlight them to your insurance company and buy additional cover for them. By Tricia Miller
Should Referral Fees Be Banned? Thoughts on estate agent referral fees from Graham Smith Property Lawyers in Watford.
