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

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

  1. Bran

    Bran Well-Known Member

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    20th Jun, 2015
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    Location:
    At work
    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?
     
  2. Propagate

    Propagate Well-Known Member

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    Melbourne
    Personally, I wound't take the risk. Cancel after solicitor has confirmed it's settled.
     
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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.
     
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  4. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Location:
    NSW
    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?
     
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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.
     
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  6. Richard Taylor

    Richard Taylor Mortgage Broker & Brisbane Buyers Agent

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    Brisbane
    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
     
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  7. Marg4000

    Marg4000 Well-Known Member

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    Location:
    Qld
    I always wait until the money is in my bank before cancelling.
    Marg
     
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  8. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! 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.
     
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