HOME BUYERS INSURANCE
Purchasing a home is one of life's more stressful activities. The
process is expensive, fraught with difficulties and if anything
goes wrong, the buyer always seems to end up picking up the bill.
However, this has changed, thanks to Insure-Me part of CETA,
Britain's largest general insurance network, with a new legal
expenses product, the Home Buyers Protection Policy - the first of
its type in the UK.
For a one off premium of £31.50, home buyers will have some come
back against their professional advisers if they are negligent. For
example, against the solicitor who misses vital information when
conducting a local authority search, value's who overlook
structural defects, builders who will not stand by a warranty they
have given, removal firms that do a bodge job and even utility
companies who fail to connect vital services on the moving day.
They will also be insured against unexpected actions taken by the
vendor of the property.
The Policy, which must be taken out by a buyer prior to contracts
being exchanged, covers the purchase of a main residence anywhere
in the UK. The policy lasts for 12 months and will allow purchasers
to pursue claims for damages up to a maximum value of £25,000 if
their property purchase does not proceed smoothly. There is a
policy excess of £100.
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