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Stage 7 of 10Make it official·Up to a week

Buildings insurance for UK buyers — when to start cover and what it costs

Why your buildings insurance must start on exchange day (not completion), how to set the right rebuild value, and what the typical UK premiums look like.

Typical timescale
Up to a week
Approximate cost
Typically £150–£500/year
When in the journey
Phase 3 of 4 — Make it official

What happens at this stage

You take out buildings insurance with a start date that aligns with exchange of contracts — when you legally take on the risk.

What to do, in order

  1. 1Compare 3 quotes (e.g. MoneySupermarket, Compare the Market).
  2. 2Use the rebuild value from the lender's valuation, not the purchase price.
  3. 3Set the policy start date to your expected exchange date.

Watch out for

  • Setting the start date to completion rather than exchange.
  • Insuring for the purchase price instead of the rebuild value.
  • Auto-renewing year after year without checking the market.

Frequently asked

When does buildings insurance need to start?
On the day you exchange contracts, not the day you complete. From exchange you're legally bound to buy, so if the property burns down between exchange and completion, you still have to buy it — and insurance is what protects you from that risk.
Should I insure for the purchase price?
No — insure for the rebuild value, which the lender's surveyor estimates. The rebuild value is often less than the market price (because it doesn't include the land), but in some cases (e.g. period properties) can be more.

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Last updated: 1 July 2026 · Clinkeys is not a regulated advisor. For binding decisions, always confirm with a solicitor, broker, or surveyor.