When do I need to insure the property?

Unless the property is leasehold (in which case it is likely to be insured by the landlord) you must insure the property when you exchange contracts. You should ensure that you have obtained suitable quotations from insurers prior to this date and on the day of exchange your solicitor will call you to confirm that the exchange has taken place and that you have now entered into a binding contract to complete the purchase on a specified date. You then need to contact your insurers to put the policy in place immediately.