Buildings insurance - Moving insurers

You do not have to stick with your mortgage lender’s chosen insurance policy. If you are getting a mortgage, your lender will make it a condition that the property is insured and will probably be keen to arrange cover: lenders get commission for doing so. Most lenders will allow you to arrange your own insurance, but they will want proof that the policy provides adequate cover for their security, and will often charge a fee for the administrative costs of checking this. If you have a special mortgage deal which commits you to buying your lender’s insurance, you have no choice in the matter, although you may be free to switch insurers after a few years.