Insurance Prior to Settlement



From: Anonymous

Hi Everyone!

I purchased a property on the weekend and I need to organise Landlords Insurance for the time between now and settlement in 90 days.

The property will be vacant with no tenant until that date.

Can anyone suggest a good Insurance Broker or Insurance policy for this short term purpose?

Thanks in Advance!
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Reply: 1
From: Steve B

One that know of is R.E.I. Insurance Brokers
Their fee is $280.00.
They are in Parramatta Sydney
Phone (02) 9683 0950
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Reply: 2
From: Rolf Latham

Hi Anon

While you are at it ALSO insure the property for the normal fire and loss. Why you ask, the vendor should have it covered ? Could save you lots and lots of grief if something goes askew between now and settlement


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Reply: 3
From: M O N T O

Sorry about my ignorance, but why would you need to start the landlord's insurance 3 months prior to settlement (or tenant occupancy) when there are no tenants to maliciously damage the property or default the rent?

Currently I don't have landlord's insurance and thinking of getting one. The property manager has used the Barclay MIS system to source the tenants for me and recommended their landlord's insurance for $176.

I've got a unrelated question about insurance if it's ok to ask here. Does anyone know if the insurance provided by body corporate is sufficient to cover fire and buildings on a townhouse? Do I still need to insure the property, and which company would be recommended?
Thanks heaps for my off the topic questions.
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Reply: 3.1
From: Sim' Hampel

Depending on your policies, it might be useful to have landlords insurance in the situation where fire causes the property to be burnt down prior to settlement and so the building insurance covers you for the building itself, and the landlords insurance pays you for the loss of rent during the period it takes you to rebuild - which could be considerably longer than 3 months. I don't know if the policies will actually pay out in these situations, but it's worth asking the question.

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Reply: 3.1.1
From: Joanna K

My suggestion would be to just get normal building and contents insurance in the interim.

Get your landlords insurance once the property is tenanted. If the property is vacant when you get landlord insurance your rent will not be covered.

In response to the other question...body corporate insurance is for the building only, and it does cover a townhouse if the townhouse is part of a strata plan, it does not cover your contents or your rent, so you will need separate cover for this.

Kind regards

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