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