After the contract was signed for an IP in Brisbane, I was informed that I needed to arrange landlords and home insurance as I was now liable for the property. It's a minor point, but I'm more interested in the logic and reasoning behind this. This seems particularly odd to me as the owner is still living in the property and we're not expecting to settle until the 1-2nd week of November. Is this a normal part of the settlement process? Should I have included a condition in the contract for insurance to take effect after the settlement?