Do I need to arrange insurance before settlement?

Buyer's Agent | February 04, 2020

Hi, Sam here from Templeton Property and today we’re going to briefly discuss – Do I need to arrange insurance before settlement?

 

 

 

 

So, you have put in an offer for a property and its been accepted, the agent has now dated the first page of the contract, Congratulations!

In Queensland from 5pm the next day, you’re actually liable and responsible for the property. So before 5pm of the next ‘business day’, you’re required to take out building insurance on the property.

Two important things to note with this. Always include contents insurance as well. A component for contents insurance to cover things like carpets, blinds, curtains and so forth, that are NOT included in building insurance and number two. We always add about ten to twenty percent over an above the cost of replacing all the structures with the new equivalent, to allow for demolition and plans, applications and do forth should the property be, you know, damaged in a fire or flood.

I hope this helps and if you have any questions at all in relation to property, message me or give us a tingle. Thanks, and by!

Sam Price – Buyer’s Agent

Templeton Property

At Templeton Property we go above and beyond to secure the best outcomes for our clients. Discover more about we can assist you by calling us today on 07 3368 1988 or Sam Price directly on 0418 159 993.