We looked at DL and MoneySupermarket yesterday as we prepare to exchange.
Our current provider MoreThan was one of the cheapest and like DL appear to have big default values i.e. £1m build cover, £100k contents.
It looks like we'll exchange and then complete 12 days later. Given that all insurance comes with a 14 day cooling off period, can I take out a policy on exchange day and then as soon as we're moved in cancel it and get a new policy with the exact details of trees, locks, etc?
How does the 14 day rule work? If you cancel you get all the money back or 50/52 of it back? It sort of seems like one could get free insurance by cancelling and moving provider every 2 weeks until you ran out of providers. Not something I have any intention of doing but was just curious.
- DL quoted us ~£500 or ~£750 for the 'plus' package.
- Quotes from MS ranged around the £220 mark.
- The quote from our mortgage advisor's company was £~750
Our current provider MoreThan was one of the cheapest and like DL appear to have big default values i.e. £1m build cover, £100k contents.
It looks like we'll exchange and then complete 12 days later. Given that all insurance comes with a 14 day cooling off period, can I take out a policy on exchange day and then as soon as we're moved in cancel it and get a new policy with the exact details of trees, locks, etc?
How does the 14 day rule work? If you cancel you get all the money back or 50/52 of it back? It sort of seems like one could get free insurance by cancelling and moving provider every 2 weeks until you ran out of providers. Not something I have any intention of doing but was just curious.
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