Homebuyers can now insure against problems that could occur during their move with a new protection plan, launched by Legal & General (L&G).
Buyer’s Protection with Smoothmove provides cover against mishaps before moving, such as being gazumped and on the moving day, such as the removal van failing to turn up.
For a flat rate of £15, cover includes protection against the withdrawal of the vendor, losing the property due to adverse valuation and changes in circumstance such as job loss or relocation. Policyholders will also be covered against a break down or accident on the moving day, finding the previous owners have not moved out and domestic emergencies during the first three months of residence.
Benefits include a voucher worth £150 towards legal fees and £250 towards arrangement fees on another property, should the current sale fall through. Replacement removal vans, roadside repairs and emergency hotel accommodation are also provided. Even pets are covered with kennel costs paid while the previous owners move out.
L&G is hoping the plan will prove popular, arguing that £15 is a small cost compared to others associated with moving home. It also hopes some estate agents and advisers will offer cover free to clients, to add value to their services.
Stephen Smith, director of housing marketing at L&G, said: ‘Moving home is a commitment to costs such as legal and arrangement fees which can be expensive if things go wrong. This is the first time homemovers have been able to obtain end-to-end protection against these costs and the pitfalls that can make moving a misery.’