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.
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.
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.
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.