QLD building insurance pre-settlement

In Queensland, is it necessary to get building insurance to cover the period between exchange and settlement? If I buy a policy then pull out of this purchase for whatever reason, would I get a refund on the premiums?
 
You need insurance from the first business day after signing the contract. We used to get a cover note, but lately we have had to pay for twelve months' cover. I imagine that if the sale doesn't go through you would get a pro-rata refund, but lose the stamp duty portion.
 
You need insurance from the first business day after signing the contract. We used to get a cover note, but lately we have had to pay for twelve months' cover. I imagine that if the sale doesn't go through you would get a pro-rata refund, but lose the stamp duty portion.

If the house were to burn down and my building inspection was done at some point in the future, would that be enough to get out?
 
There is a fairly long thread on this. I am not good at searching but someone may be able to find it, or try searching on insurance and see if you can pull it up.

P.S. I just tried a search but I am getting some funny things happening, and my screen is changing colours, so fingers crossed someone else can find it.
 
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I use Suncorp. When I sign a contract to purchase, I call them up and go thru all the questions to establish the new policy. At the end when they ask for my credit card number, I ask to be sent a bill. The property is covered from the time of the phone call and I have a month or so to pay the bill. Once the purchase is unconditional I pay up.


Did this last week and nothing has changed...
 
I use Suncorp. When I sign a contract to purchase, I call them up and go thru all the questions to establish the new policy. At the end when they ask for my credit card number, I ask to be sent a bill. The property is covered from the time of the phone call and I have a month or so to pay the bill. Once the purchase is unconditional I pay up.


Did this last week and nothing has changed...

Niiiiice! I'll have to remember that one!
 
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