My understanding is that a contract note is a binding legal agreement to buy the property, usually with a depsoit of 10% or so and the balance a month or two later. The title changes when all the monies are paid. I saw a report advising the buyer to take out insurance prior to settlement. I've always had insurance set up ready to go and starting the day before settlement. The one day overlap is to ensure that if there is a defined event on settlement day there's cover. Is there a need to take out insurance when the contract note is signed?