Safe Buyer Insurance is a specialist insurance policy, exclusive to the Safe Buyer Scheme, which protects buyers from the financial consequences of property fraud.
In recent years, the property market has seen an alarming increase in fraudsters targeting property transactions, stealing money from buyers and sellers, causing financial ruin and devastation to those affected. Property buyers, conveyancers, and mortgage lenders have faced the risk of property fraud for many years without a solution and have suffered substantial consequential financial losses themselves as well as reputational damage for the professionals involved.
The Safe Buyer Scheme website checks the parties involved in the property transaction, to ensure that money passes safely to the rightful party, whilst the optional Safe Buyer Insurance covers losses up to 120% of the property purchase price for peace of mind.
Safe Buyer Insurance provides cover for:
Buyer deposit redirection fraud – where fraudsters impersonate the buyer’s conveyancer to steal the buyer’s money
Vendor conveyancer fraud - where fraudsters impersonate the buyer’s conveyancer to steal the buyer’s money
Property hijack – where the seller impersonates the registered owner to steal the buyer’s money in a fraudulent sale