Selling QLD: when can I cancel my home/contents/landlord insurance?

Discussion in 'The Buying & Selling Process' started by Bran, 23rd Sep, 2016.

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  1. Bran

    Bran Well-Known Member

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    Selling in QLD,
    60 day settlement,
    Has gone unconditional

    60 days of an insurance refund is a significant amount of money on this property (many hundreds).
    When can I safely cancel the policy?
     
    Bran, 23rd Sep, 2016
    #1
  2. Propagate

    Propagate Well-Known Member

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    Personally, I wound't take the risk. Cancel after solicitor has confirmed it's settled.
     
    Propagate, 23rd Sep, 2016
    #2
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  3. Big Will

    Big Will Well-Known Member

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    I agree with @Propagate cancel after settlement has completed.

    Otherwise you run the risk of if it burns down you are unable to meet requirements of your settlement.

    If we are talking about 10k a month then different story (maybe) but then the asset would be worth ALOT more.
     
    Big Will, 23rd Sep, 2016
    #3
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  4. Propertunity

    Propertunity Well-Known Member

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    In Qld the purchaser must take out insurance on exchange so technically you could cancel your insurance BUT do you want to risk your property on someone else's actions?
     
    Propertunity, 23rd Sep, 2016
    #4
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  5. Player

    Player Well-Known Member

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    @Bran. I trust no one to have insurance arranged on terms that are commercially adequate. Yes, ridiculously in Qld the property is at the buyer's risk (even though they don't have possession or control) however as a seller I would cancel the day after settlement has been effected and you have all funds. Many hundreds of dollars is a small price to pay. That's why it's called insurance.
     
    Player, 23rd Sep, 2016
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  6. Richard Taylor

    Richard Taylor Well-Known Member

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    Actually in Qld the Property is at the Buyer risk from 5pm on the first business day after the Contract Date.

    Buyer maybe liable but as a seller i would not take the risk and would keep the policy up until settlement.

    Cheers


    Richard
     
    Richard Taylor, 23rd Sep, 2016
    #6
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  7. Marg4000

    Marg4000 Well-Known Member

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    I always wait until the money is in my bank before cancelling.
    Marg
     
    Marg4000, 23rd Sep, 2016
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  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    @Bran, you are doing heaps better than us. ...we forgot to cancel ours so we had insurance for a few months unnecessarily.
     
    Gockie, 23rd Sep, 2016
    #8
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