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When Can I Buy Home Buyers Protection Insurance?

Troy Stevens 20 February 2022

We speak with homebuyers daily, providing 5-star, award-winning Home Buyers Protection insurance, and we try to make things as simple as possible. We understand that the process of buying a new house can be daunting and confusing as it is, so we aim to alleviate any further stresses or uncertainty homebuyers face.

Our insurance policies have been designed with homebuyers like you in mind. Whether you are a first-time buyer, a seasoned landlord, or someone looking to buy a holiday escape, the same risks apply throughout the home-buying process. We are proud to offer revolutionary insurance that provides valuable cover during this process and covers almost all up-front costs that homebuyers face when the property transaction falls through.

One of the most frequently asked questions here at Rhino is when exactly Home Buyers' Protection insurance can be purchased. This section will provide valuable information on what Home Buyers Protection Insurance is, why you need it, and the ideal timing for obtaining this essential coverage. Understanding the home buying process and knowing when to secure Home Buyers Protection Insurance can help you confidently navigate your journey. 

What is Home Buyers Protection Insurance?

Home Buyers Protection Insurance is a specialised insurance policy designed to protect homebuyers from potential financial losses and unforeseen circumstances during the home-buying process. It covers specific risks and offers financial security when purchasing a property.

Why Do You Need Home Buyers Protection Insurance?

The home-buying process involves various steps and potential risks. Home Buyers Protection Insurance offers several benefits, including:

  • Financial Protection: Home Buyers Protection Insurance safeguards your investment by covering expenses incurred during the home buying process, such as legal fees, survey costs, and other associated expenses.
  • Risk Mitigation: Unforeseen events can disrupt the home-buying journey, leading to financial losses. Home Buyers Protection Insurance helps mitigate risks by providing coverage for specific situations, protecting you against common setbacks.

The Home Buying Process

You might think, "This is all good and well, but I still don't know when I can buy Home Buyers Protection Insurance". 

The answer to this question is straightforward. You can take out Home Buyers Protection cover within seven days of officially instructing your solicitor or submitting your mortgage application.

Instructing your solicitor means formally asking them to represent you in the process of purchasing a property, typically subject to a memorandum of sale. You are eligible for coverage if this stage occurs within seven days of taking out Home Buyers Protection insurance.

Submitting your mortgage application indicates that you have officially requested a mortgage from your chosen lender. Once again, you can obtain Home Buyers Protection insurance if this occurs within seven days.

It's important to note that this process refers to the actual submission of the mortgage application and not the "mortgage in principle," which is an initial assessment of your eligibility for a mortgage.

To determine the ideal timing for purchasing Home Buyers Protection Insurance, it's essential to understand the home buying process. The process typically involves the following steps:

  • Property Search: Identify your preferences, research neighbourhoods, and explore available properties. This phase includes visiting open houses and viewing properties.
  • Offer and Negotiation: Once you find a suitable property, you'll make an offer to the seller. Negotiations may occur until both parties agree on the terms of the purchase.
  • Home Inspection: Home inspection is a crucial step in the home-buying process. A professional inspector assesses the property's condition and identifies any potential issues.
  • Exchange of Contracts: After both parties have agreed on the terms, contracts are exchanged, and a legally binding agreement is established.
  • Completion: Completion refers to the finalisation of the purchase, where funds are transferred, and ownership is officially transferred to the buyer.

How to Purchase Home Buyers Protection Insurance

When it comes to purchasing Home Buyers Protection Insurance, consider the following steps:

  • Choosing the Right Insurance Provider: Research reputable Home Buyers Protection Insurance providers. Look for providers with experience in the field, positive customer reviews, and a comprehensive range of coverage options.
  • Obtaining a Home Buyers Protection Insurance Quote: Contact the insurance providers you are interested in and request a quote for Home Buyers Protection Insurance. This will help you understand your circumstances' cost and coverage details.

Words like 'transaction failure', 'house fell through' and 'gazumping' are not positive words to home buyers. Our insurance is an easy way of making these unfortunate outcomes as least damaging as possible. 

By familiarising yourself with the home buying process and the value of Home Buyers Protection Insurance, you can decide when to secure this crucial coverage. Remember, the ideal time to purchase insurance is before potential risks and unforeseen events can impact your purchase. Take proactive steps to protect your investment and ensure a smooth home-buying experience.

So, when is the best time to buy Home Buyers Protection insurance? You now have the answer to that question. You are moving home within seven days of officially instructing your solicitor or mortgage lender.

Well, what are you waiting for? You can purchase home buyers' protection insurance for as little as £69 and can do so within minutes via our easy-to-use online insurance platform.

Contact Rhino Home Protect to learn more and secure coverage. Our knowledgeable team is ready to assist you every step of the way.

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