Insurance at exchange

Insurance at exchange refers to insurance for the building.

Responsibility for insuring the building usually passes over to the buyer when contracts are exchanged, unless the contract specifies otherwise.

Buyers should make sure insurance cover is arranged to cover the rebuilding costs from the date of exchange (should anything occur between exchange and completion), particularly because mortgage companies will insist on this. If there is a fire, for example, then this cover will protect the purchaser.

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