When Should You get Insurance on IP

Hi All,

Just bought first IP and with settlement taking place next month.

I was wondering when to buy insurance and what kind?? Is it just Landlords and Building insurance I need?

ps yes i did search but couldn't find a clear answer

Check with your solicitor as "rules" vary between states.

In Queensland the buyer takes out insurance when the contract is signed.
I insure building/improvements as soon as contract is unconditional. I add landlords cover upon settlement.
I make my offers conditional upon the property being at risk to the vendor until such time as settlement is effective.

I have my own insurances set ready to go effective upon settlement.

Covers all bases.