When to insure your new home?

Whether or not you need to insure a new property before settlement generally depends on what state or territory you live in.

In Victoria, the buyer becomes responsible for any damage to the property from the settlement date. That means, technically, the vendor is responsible up until this point. Although having home insurance isn’t a legal requirement, your conveyancer or lawyer will likely recommend taking it out once you’ve signed your contract. Building Insurance may even be required by your lender before your home loan becomes unconditional.

Even if the seller’s insurance covers the property until settlement, we would suggest insuring the property for peace of mind and in case the seller does not have adequate insurance in place, you then know your property is covered.