When to purchase landlord insurance?

Just looking for guidance on when to purchase landlord insurance for a new OTP property that is coming up to practical completion phase shortly and why it's best to purchase at that point?

- Practical completion phase
- Settlement
- Upon placing tenants into the property

Any other options I may have missed?


Thanks everyone!!!
 
I'd assume the last one as well.

If in doubt - just arrange it now. The costs won't be too high given it's almost finished and tenants will be in the property soon.

Cheers

Jamie
 
I would lean towards upon settlement, unless you have separate insurance coverage for the contents. What if the place is smoke/water damaged on day 2 and you can't get tenants?

You will require insurance coverage in accordance with the mortgage as well.
 
yeah, you can get it upon settlement. what if something happens during open Inspections before it is leased? I am thinking worst case scenario. I myself got it after tenants :D
 
Building insurance will cover the building.

LL insurance relies on rent being in advance at the beginning of a tenancy, voided if tenant is in arrears.
It covers a lease.
Get it at the beginning of a new tenancy.
 
Would definitely look at insuring from settlement unless you are happy to take the risk and wait until tenants are in place.

Note that anyone has an accident in your lot or there is damage to items within the lot you would not be covered if you wait for a tenant option.
 
I think people are confusing insurance for the home and landlords insurance. The latter you get just as the tenant moves in. The former you get at settlement (or after the contract date in QLD). A lot of insurers offer both as a package so maybe that's what you're all referring to?
 
In Regards to Land lords insurance. We're looking to purchase an IP in Brisbane and I've looked into a few insurances for Building and Landlord

Any experience or recomendations on either of these:

Terri Scheer
or
Suncorp?

Or are they much of a muchness.

Thanks in advance
 
I think people are confusing insurance for the home and landlords insurance. The latter you get just as the tenant moves in. The former you get at settlement (or after the contract date in QLD). A lot of insurers offer both as a package so maybe that's what you're all referring to?
Good point...

Obviously the landlord component isnt relevant until you have tenants in the property but do I need to get other insurance or take out home\landlord insurance to cover all the internals such as fixtures and fittings etc (anything internal and not covered by building insurance) prior to settlement?

IE, what if there is a fire in the apartment between practical settlement and settlement...is that my problem or the vendors? What about in between settlement and placing tenants and there is a fire...clearly that is my problem to deal with so I would assume some sort of home insurance right from settlement would be required?
 
In Regards to Land lords insurance. We're looking to purchase an IP in Brisbane and I've looked into a few insurances for Building and Landlord

Any experience or recomendations on either of these:

Terri Scheer
or
Suncorp?

Or are they much of a muchness.

Thanks in advance
I've had best service from Terri Sheer. Check who underwrites ( who is the issuer) on the certificate. The policy of Terri sheer seems to be much more LL focused when I first did the research 6 years ago
 
If its your ppor take out home and contents insurance. When you turn it into an IP take out landlord insurance and cancel the previous contents.

Here's another tip, when you make your offers include the clause that the property is at risk to the vendor until such time as settlement is effective.

Set up your home & contents/LL insurance effective from settlement date.
 
If its your ppor take out home and contents insurance. When you turn it into an IP take out landlord insurance and cancel the previous contents.

Here's another tip, when you make your offers include the clause that the property is at risk to the vendor until such time as settlement is effective.

Set up your home & contents/LL insurance effective from settlement date.
Great idea Rixter - thank you!
 
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