Landlord Insurance before IP settlement?

Hi All,

I just bought my first IP in VIC, it will be a rental property.

Understand that i should get the Building insurance before settlement, but I am wondering when should i get the Landlord insurance? a bit confused.
Should i get both insurances before settlement? or only Building Insurance for now and get Landlord Insurance later when the property is rented out?
any suggestion for good or bad insurance company?

Thanks for help, cheers,

 

I was advised to get building insurance after purchase and then transfer to landlord insurance when I got tenants.

 

Thanks Joynz,

Is Landlord insurance overlapping Building Insurance? so i only need Landlord insurance when I got tenants?

 

Distinct types of insurance generally ie building covers the building, contents will cover your fixtures/floor finishes etc in a flat and LL covers loss of rent/tenant damage/default etc.

Some LL insurance provide coverage which crosses over so you need to read the PDS and understand what you're covering.

 

Where'd you buy in vic if you don't mind me asking?

 

I got building insurance, then switched to a completely separate Landlord insurance that combines both building and landlord insurance.

Some companies offer 'add on' landlord insurance as well so I believe you could get your building (and contents if needed ) insurance from one company and landlord insurance as an 'add on' from another company.

I wanted a single product though - less to remember.

 

Just asked RxCV, they can switch from building insurance to LL insurance later.

Is RxCV insurance any good?