If I am buying, when should I take out buildings insurance on the property?

If I am buying, when should I take out buildings insurance on the property?

If you're buying, the time when you should take out buildings insurance depends on what the contract says. If your contract says your risk for insurance passes at exchange, then of course you must exchange and then immediately take out buildings insurance. However, some contracts don't pass that risk until completion, and if that's the case, you don't need to take out buildings insurance until completion. But in fact, if you're borrowing money, you'll find that most lenders put in place buildings insurance from the time that they issue their loan offer.