Flexi Smart Contingency House Insurance
Homebuyers, Solicitors are under pressure to get to Exchange of Contracts.
On exchange of contracts and thereafter it is the Buyers responsibility to have in place buildings insurance on their new property.
Their instructed Solicitor cannot move to Exchange of Contracts unless buildings insurance is in place.
Solicitors must have sight of a valid building insurance policy from the Buyer before the property can exchange.
Buyers visit comparison insurance websites to take out insurance, so that they can pass the information to their Solicitor or contact their own insurance company to see if they can have two properties covered at the same time. This is often last minute and the Homebuyer doesn’t have time to make an informed decision. They maybe buying insurance that they might not need should their new property fail to get to exchange.
The Flexi Smart Contingency House Insurance policy meets the needs for all parties to get to exchange of contracts. Homebuyers can now make an informed decision on which Buildings and Contents insurance to use after exchange of contracts and before completion.
Flexi Smart Ordering
Solicitors that use the search provider Onesearch Direct, have direct access to this new policy via the Onesearch ordering portal.
The right time to take out this Flexi Smart insurance is when Buyers instruct a Solicitor to act for them. The policy is in place ready for exchange of contracts.
Buyers can use the online National Homebuyer Conveyancing comparison service where Homebuyer Solicitors use Onesearch searches.
The Flexi Smart insurance starts on the day of Exchange and runs for a maximum of 28 days or up to completion.
Who manages the Policy?
Northcott Beaton is the Broker that supplies the policy to OneSearch Direct. They already supply other insurance products to Onesearch Solicitors.