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Insurance from exchange/completion

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Bingo99 | 20:33 Mon 16th May 2011 | Insurance
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A friend of mine has been advised that they need to get cover from exchange, and not completion; is that right? The person that he's buying it off is still living there.

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yes.
Yes that is advisable. On signing the contract he is agreeing to buy the property. If it was to burn down he would still have to go ahead with the purchase at the agreed price but would only be left with the ashes!
its usually the buildings insurance rather than the contents insurance

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