Home Buyers Protection Insurance UK up to £2,500
Home buyers protection insurance Comparison
Buying your first house or moving to a different residence can be fraught with stress. One day everything is running smoothly and the next the chain is broken. Apart from the gloom of a deal falling through, you most likely have solicitor and others fees which are non-recoverable. This is the purpose behind home buyers insurance, a policy that is built to protect these additional costs that you have burdened and these can be substantial. The risk of a deal falling is real for first time buyers even experienced
It does not matter whether you are a first-time buyer or an experienced buy-to-let investor, these issues are part and parcel of the home-buying process.
Why you need Home Buyers Protection Insurance
Research carried out by Which in 2016 revealed that 3 out of 10 property sales fell through, that is nearly one in three. Whilst 16% did not lose out financially, the remainder did lose a substantial amount due to survey fees and brokering costs. The average loss was £1,000 with 5% losing a whopping £5,000 and above. Property chains contributed the most to failed sales. If able, it is best to avoid properties that in a chain. This includes properties that the owner had died or the vendors second home and is currently vacant.
When should I buy Home Buyers Insurance
As soon as possible after your offer has been accepted. The policy will only become valid after it has been purchased, and it will be backdated to the date the offer was accepted. The cover is valid for 180 days from the start date of cover.
What is included in Home Sellers Potection insurance?
Buying a home is stressful enough without the financial worry of a sale falling through. Home Buyers' Protection Insurance helps cover legal, survey and mortgage lending costs should your purchase fall through.
What is Gazumping?
Gazumping is less common, but when house prices are on the rise it can be quite common. The term is used to describe the situation in which you have come to an agreement with the vendor on the sale price. The buyer and seller (vendor) have verbally agreed on the sale. The next stage is the signing of contracts to finalise the sale. During this period, the vendor may receive a much better offer, if they accept you have been gazumped. When it comes to money, ethics can take a back seat. The good news is that home buyers protection insurance will protect you in such a situation, taking care of any costs that you had incurred.
2 Levels of cover available Platinum or Gold
What is not covered
FAQ House Buyers Cover
Is there an excess?
An excess is an amount that you would be deemed liable for. For example when you rent a car or van you most likely have an excess that will not be paid by the insurance company. The good news with this house buyers insurance policy, no excess exists. As such, your costs will be reimbursed in full.
For Landlords, will it cover buy to let and Flats
Yes, the cover offered is suitable for the purchase of a
Can I cancel my policy?
If no claims are pending, then you can cancel without charge within 14 days of the start date of your policy
Do I Need Home Buyer’s Insurance?
Home buyers protection insurance is not compulsory, as such you need to weigh up the risks versus the cost of buying home buyers' protection. Having home buyers protection can not prevent a sale falling through, but it can protect you against monetary loss.