New – insurance product news

A short term buildings insurance product for home buyers is being developed by Bickers Insurance Services, who are planning to launch a specialist insurance policy for purchasers of residential property to cover the period between exchange and completion of the purchase contract.

Thousands of property owners are currently arranging insurance for their new homes which could potentially fail in the event of a claim, as they inadvertently confirm that they already live in the house for which they are buying insurance. Although this situation can be accommodated by a number of insurance companies, very few make provision for this in their standard policy wordings, meaning that unless special arrangements have been made, a policy could be voided from inception due to non-disclosure.

The new product, on exchange2completion.co.uk provides a short term insurance policy to cover just the period between exchange and completion of the purchase contract, leaving the property owner free to choose a new insurer from the completion or moving-in date, without the worry of finding an insurer who can cater for the initial period when the seller is still living in the property.