A property should be insured by the buyer usually from exchange of contracts. Generally flats are insured by the landlord and you need take no further action. You may however wish to check this with us first or refer to the report we send you prior to exchange. Houses should be insured not necessarily for the price paid but for the estimated cost of rebuilding following a fire, to include clearing away the damage and architect’s fees – Sometimes this is much greater then the actual market value. If you have a mortgage, the lender can deal with this. Otherwise you will need to make your own arrangements and speak to a surveyor to get rebuilding costs as quickly as possible.
It always makes sense to get a quote for building insurance as soon as possible, even if you are not putting it on risk until you exchange contracts. Quite often we are someway into the process when a buyer will realise they have trouble getting insurance or the costs are prohibitively expensive. Getting a quote at an early stage can save a lot of time and money.