Procedure for Changing Building Insurance

Hello,

we have purchased a house and intend not to take over the building insurance but to change the provider. Have I understood the process correctly as follows?

1. Take out a new insurance policy (or just have a binding offer ready for signature??)
2. Obtain permission from the creditor bank to change the insurance.
3. Submit the cancellation to the old insurance within 4 weeks after the land register entry, including a copy of the land register entry as well as the permission from the creditor bank.

Correct?

Hello,

I'm not entirely sure how it was for us, but as far as I know, you are allowed to change upon transfer of ownership, so you don’t have to get permission from the bank. If I remember correctly, this was also handled by our new insurance, i.e., we signed the new contract and the new insurer notified the old insurance about the new insurance situation or we signed a pre-formulated three-liner stating that the old insurance is canceled. This should not be a problem for the new insurance or their broker to handle if they want you as a new customer.

I wouldn’t do it without a broker/advice; there are many points to consider when comparing insurance benefits, and in my opinion, you can only manage it yourself with a lot of effort without advice.

Regards
Dirk Grafe

Hello I agree with Dirk! You don't need permission. However, I would have it done through a real estate agent. They know the process. Feel free to cancel now!

Okay, thank you!!