Don’t wait for settlement day to insure
Property investors need to buy building insurance as soon as they sign a purchase contract to protect themselves in case the seller isn’t insured – and, for tenanted properties, landlord insurance should be organised well ahead of settlement.
RentCover General Manager, Sharon Fox-Slater, said that property investors and their agents should not wait until settlement day to take out insurance.
“You need to get your premium paid and certificate of insurance issued before settlement day. Otherwise there’s a risk you won’t be covered and settlement may be delayed,” she said.
The legal obligations of Purchasers and Sellers can vary between States, so make sure you are protected in even the worst case scenario.