It is often a good idea to insure the property as soon as you have exchanged contracts. You may want to check in the legal pack or ask the auctions team whether the seller will continue to insure through to completion. Some do, but this cannot be assumed, so some auctions teams may recommend that you insure the property regardless. If the property is damaged during the period between exchange and completion, then you as the purchaser will require it rectified and that will be easier to achieve under your own insurance policy than by going after the seller’s insurers. As a buyer, you will need to decide and consult with your insurer as to the likely costs.