Home Buyers Insurance
Cover for unrecoverable costs incurred in a failed property purchase
Home Buyers Insurance is provided for conveyancing (solicitors’) fees, mortgage arrangement fees and survey fees up to the limit of indemnity.
A number of unexpected things can happen during the process of purchasing residential property that could cause the transaction to fail for reasons beyond the purchaser’s control. In these circumstances the purchaser may have incurred considerable out-of-pocket expenses on mortgage arrangement fees, survey fees, and/or solicitors’ fees, that cannot be recovered.
Our Home Buyers Insurance product seeks to provide cover for those expenses.
Home Buyers Policy Documents
Home Buyers Insurance only £52
Benefits of cover
As standard, the policy provides the following benefits:
- Conveyancing Fees up to £750 including VAT
- Mortgage Arrangement/Lender’s Fees up to £250 including VAT
- Survey/Valuation Fees up to £500 including VAT
- No excess
- Gazumping protection if the offer accepted is at least £1000 higher than yours
The maximum duration of this policy is 180 days only.
Please refer to the insurance Product Information Document (IPID) and Policy Wording for full terms and conditions of our Home Buyers Protection Insurance.
This product is available to insurance brokers, intermediaries and to direct clients.
What does Home Buyers’ Insurance cover?
Home Buyers’ insurance is provided for conveyancing (solicitors’) fees, mortgage arrangement fees and survey fees up to the limit of indemnity, in the event that:
- The property is withdrawn from sale by the vendor
- The vendor accepts an offer which is greater than the sum offered by the insured (and which had been accepted by the vendor)
- The property is subject to a compulsory purchase order
- It is identified that the vendor isn’t legally entitled to sell the property
- The mortgage lender’s valuation of the property is less than the sum offered by the insured (and which had been accepted by the vendor)
- The mortgage lender insists on rectification works being carried out on the property, or applies a retention on the loan, before they make funds available
- The insured (or the person buying the property with the insured) is diagnosed with a terminal illness, dies, is given notice of redundancy or relocation, and they are unable or unwilling to continue the purchase
Home Buyers’ Insurance Limits of indemnity
Various limits of indemnity are available.
As a provider of specialist insurance products and services for brokers, affinity groups, motor fleet providers, letting agents and insurers, we are renowned for our innovative and flexible approach in developing and administering bespoke schemes to meet the requirements of our partners. We pride ourselves on our ability to offer flexible solutions.
Home Buyers Insurance Claims
Claims against our Home Buyers’ Protection insurance products are managed in-house, from first notification of loss through to settlement, by our own claims handlers.
Our Home Buyers’ Protection insurance products are designed to be provided to customers on a standalone basis.
Trading options can include:
- Online trading via our broker platform – HUB
- Delegated authority schemes
- Rhino – administered programmes
Related Insurance Products
Home Sellers Insurance
A number of unexpected things can happen during the process of selling residential property that could cause the transaction to fail for reasons beyond the vendor’s control. In these circumstances the vendor may have incurred considerable out-of-pocket expenses that cannot be recovered. Our Home Sellers’ Protection insurance or House Sellers Insurance product seeks to provide cover for those expenses.