One in 10 (10%) only bought buildings insurance after they moved in and what is more a third (31%) bought furniture before measuring whether it would fit.
One in five (20%) first-time buyers have neglected from purchasing both buildings and contents insurance, Co-operative Insurance research has found.
One in 10 (10%) only bought buildings insurance after they moved in and what is more a third (31%) bought furniture before measuring whether it would fit.
Caroline Hunter, head of home insurance at The Co-operative, said: “The research shows that there are a number of first-time buyers who may be getting their priorities wrong when it comes to moving.
“Buying a property is a complex process and a lack of understanding means that many people are not adequately covered when it comes to insurance.
“Making sure you have buildings insurance in place, at the time of exchange of contracts, is important because that is when you become legally responsible for the property. For example, if the property is affected by fire or malicious damage before the completion process is finalised, you could be liable for these costs without it. Each mortgage provider will have their own rules and they may check this before lending money to a potential home buyer."
She added: “It is also wise to have contents insurance in place before you move. Often this will cover goods in transit, so it could save you money, as you may not need to purchase insurance from a removals company.
“Check with your insurer because there may be requirements that items of a fragile nature are packed by professionals and small high value items may not be covered, such as jewellery –you will be better off transporting these yourself.”
