- New Enquiries
- AuthorKatelyn Isliker
Buildings Insurance covers your home in the event that damage that occurs to the structure of the property i.e the actual building. This could be in the event of a fire, flood, storm or if the damage was caused by vandalism, theft, fire etc.
When you are buying a property, your case handler will request a copy of the buildings insurance that you plan to put into place on exchange of contracts. This is because on exchange of contracts the risk of the property will pass to the buyer, as per the standard conditions of sale (5th edition), which forms the basis of the sale contract between buyer and seller for the sale of the property.
It is also a lender requirement to insure the building so that the lender can recover their security in the event that the property is affected by any of the insured perils.
Buildings insurance will cover the property if something happens to the property between exchange and completion.
What if the property I am buying is leasehold?
If the property you are purchasing is leasehold, your case handler should confirm whether the lease confirms that buildings insurance will be covered by landlord.
Our Property Team at Johnson Astills can assist you if you are looking to sell, purchase, re-mortgage or transfer a property. For further information, please call our Leicester office on 0116 255 4855 or our Loughborough office on 01509 610 312 or fill in our free online enquiry form and one of our friendly team will be in touch.