You have found your dream home. It's in the perfect location, close to schools and entertainment, with great transport links to the city. Your finance was pre-approved, and your offer has been accepted. The contract has been signed by you and the seller ("vendor") and you can begin to arrange the building and pest inspections.
But did you also know that in Queensland the purchaser is responsible for insuring the property? Once the purchaser and vendor have signed the contract, the purchaser has until 5pm the next business day to place cover. You may also need to think about including contents insurance if any contents/chattels are included as part of the purchase.
If you have purchased vacant land and are planning to build a house then you will need public liability cover on the land. When building commences, insurance for the contract works may be needed. Once construction is complete an insurance policy covering the building, contents, and public liability will be needed.
If you are purchasing a unit, duplex, or townhouse, then the body corporate will be responsible for the common areas such as entryways, grounds, and some of the external building facade. You will still need cover for inside the unit, your own back or front yard, and any other areas advised to you.
If you are the seller of the property it is recommended you maintain your existing insurance on the property until settlement occurs, just in case the purchaser has not taken out insurance leaving you without protection; or the contract does not proceed meaning you waste your time putting insurance back in place, hopefully before any damage or injury occurs.
It is important to note that not all contracts are the same so it is best to seek advice from your solicitor as to what your circumstances may require.
If you require assistance with your insurance needs, give me a call and I will be happy to request our Insurer contact you.