Our Home Buyers Protection policy is designed to give peace of mind to your customers, and anyone with whom they are buying a home, to recover some of the expenses incurred if the sale doesn’t go ahead. When should I purchase this cover? The property is removed from the market by the seller Whilst home buyers insurance is not a legal requirement, it is highly recommended in order to protect yourself from losing thousands of pounds as a result of something that is out of your control. Most home buyers protection insurance policies will provide cover for a house purchase falling through for any of the following reasons: The seller decides to take the property off the market Your offer is gazumped by another buyer The seller not being legally entitled to sell the property 9. Home Buyers Insurance Insurance for the property you’re buying between exchange and completion Buildings insurance for your new home or rental property between exchange and completion Stay on the same policy once you’ve moved in by adding your contents later You should purchase Home Buyers Protection Insurance within 7 days of receiving written acceptance of your offer. Home Buyers’ Protection Insurance can protect you in the event of being gazumped, or if the seller changes their mind. 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. If you are buying a home in an area at risk from flooding, you will need to purchase separate flood insurance, which is available from the federal government’s National Flood Insurance Program (NFIP) and from a few specialty insurers. Home Buyers’ Protection Insurance can enable you to claim back some of your conveyancing fees, survey /valuation fees and mortgage/lender fees in the event of the purchase falling through. What is covered by Home Buyers Protection? Home Buyers Insurance is provided for conveyancing (solicitors’) fees, mortgage arrangement fees and survey fees up to the limit of indemnity.