Building Insurance

I bought my first Investment property last Saturday in an auction. Signed contract and settling on 11th of September.

I did some searching on the forum and I will be getting LL Insurance with with Terrisher or EBM. What I am confused about is, should i get Insurance now (LL and building and contents with Terrisher/EBM) and get it over with or should I buy building only insurance until the settlement.

 

Just wondering why would you get either insurance when you haven't settled yet? Unless you're saying that the effective date is the day of settlement?

 

It is recommended to have Building insurance before settlement. Lenders ask you too any way.

 

you would get insurance as in the event that something happens and you get into disagreement with the vendor, and hence can use your insurance to cover anything that has been damaged or stolen etc. you have a legal interest in the property if something happens like a car suddenly drives into the property and crashes into one of the pillars causing structural damage (you can get the insurance company to sort it out rather than yourself). It just avoids complications.

 

I tried to sign up both. Either way when i was signing up i was making false statements.

General Building and contents insurance : I had to say I own and live in home
EBM LL: Property is rented.

Are there any special Insurance policy i need to take?

 

Rather than do it online the simplest way is to give us a call on 1800 661 662 and explain the circumstance, we do this all the time. Most legal people do recommend cover is taken out straight away along the lines of what melbournian posted. When you do, mention you are a PropertyChat member.

 

Thanks @brettc I will give you guys a call.