Insuring property prior to settlement

[Robbiep]

Hi guys,

I am taking ownership of a property on the 20th December 2012.

There was no cooling period offered by vendor, which is why i arranged unconditional finance prior to exchange(which i got)

In the mean time, I plan to do some minor work on the property such as painting, basic plumbing, cleaning etc.

I would also like to insure the poperty prior settlement.

Is this possible?

Regards,
Robbie

 

[jim1964]

Is this possible?

Yes,of course it is What have you bought?

 

[Munchkin]

I have always insured before settlement

 

[Robbiep]

I gave Real Insurance a call and one of the questions they asked me was if im the owner of the property, what should i say?

Technically, I'm not until the 20th December.

Will i get insurance on a property i dont own?

 

[chrispy]

I have always insured the property as soon as I have signed the contract, just in case Vendors do not have insurance. I have never had a problem getting insurance

Chris

 

[Robbiep]

Which insurance company do you use?

 

[chrispy]

RACV...presume its RACSA in Adelaide?

Chris

 

[Aaron_C]

Actually Robbie - most insurers offer complimentary insurance from exchange to settlement as part of their policy. So don't worry about it too much just make sure it covers what you want.

 

[Robbiep]

chrispy, the property is in NSW

Aaron, so i should just tell Real Insurance that exchange has taken place, and although im not the owner(yet), settlement is on the 20th dec?

 

[Aaron_C]

I would just clarify with them that you aren't the legal owner yet but you will be on 20 December so you should be getting the insurance as an owner.

 

[Terry_w]

Just tell it straight up. You have an interest in the property on exchange so should be able to insure it.