If the risk is regarded as small the premium can be as low as 150. The value of the policy will usually be the price of the property. Because this policy will be kept with the Title Deeds it may be necessary to apply to increase the value of the property if it has increased since the policy was first taken out. Sometimes this is unnecessary as the simple passage of time can resolve the defect making the policy redundant . Provided you have not exchanged contracts the answer is yes.
Most people buying properties have a survey of one sort of another.
This might disclose that the electrical wiring is outdated and needs to be replaced. Say you obtain an estimate and the cost is 2,000. You can take this cost on yourself but you may take the view that you had no means of knowing the state of the property when you made your offer in good faith. Therefore you decide to ask the current owner to help meet the cost of the electrical rewiring. If there is an Estate Agent it is suggested that you speak to him to sort this out for you as this is something he is used to doing.