Dur­ing the buy­ing process, when do you need to in­sure a new home?

The Advertiser - Real Estate - - Inspection Navigator - ASK THE EX­PERT

YOU may think you can leave in­sur­ing your new house un­til you’ve moved in but gen­er­ally you’ll need to get this sorted much ear­lier.

You re­ally need to con­sider in­sur­ance as soon as you have a vested fi­nan­cial in­ter­est in the prop­erty, which is usu­ally dur­ing the pur­chase process. You want to know that you’re cov­ered should the worst hap­pen dur­ing the set­tle­ment pe­riod.

If you’re tak­ing out a mort­gage on the prop­erty, most mort­gage lenders will re­quire you to take out an in­sur­ance pol­icy be­fore hand­ing over the funds needed for pur­chase.

If you’re not tak­ing out a mort­gage, it’s still best to in­sure the prop­erty as soon as you sign a con­tract.

This way there will be no messy dis­putes should the worst hap­pen to the prop­erty dur­ing the cool­ing-off pe­riod or if the ven­dor has un­der-in­sured it.

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