Trouble finding insurance cover

Hello
Have just bought a property and I am a bit clueless about what to do. The property is unconditional and due to settle in 3 weeks. The property is rented privately by the owner to what seems about 6 or so adults/children, and is not detailed in the contract so it will be vacant at settlement.

I am concerned they may trash the place, or hurt themselves etc, and am trying to find landlord insurance or any insurance to cover malicious damage. Problem is companies like terri scheer said unless I have a tenancy agreement with the renters I am ineligible. So what other options do I have, what do others do?

in Qld I believe you have to settle even if damage is done unless the house is uninhabitable.

thank

 

Did your solicitor confirm this?

 

YOU should be able to get insurance from the day you pay your deposit!
You have an' interest'
talk to your solicitor and your insurance company today!
this isn't legal advice
I hope this helps

 

i have insurance but it does not cover malicious damage, that’s the issue, I can’t get landlord insurance just normal insurance and normal insurance excludes malicious damage by people living at the property. I have cba insurance and checked suncorp. I assume others all the same but if anyone knows anything,

 

yes

yes, which is why I want to find some sort of insurance

 

What is not detailed in the contract of sale? Does it have a lease? Is it on holdover/expired? Do you need to rely on the Residential Tenancies Act in the absence of a written lease? All of these questions will require a response via your solicitor.

Is there a bond lodged? Will it be transferred at settlement?

Have you received a tenancy ledger for the property?

 

no lease in the contract, it’s all a private arrangement with the renters already in process of packing up and moving next week or so. The property is to empty at settlement otherwise it will be delayed.

unsure if the seller of the property has a written or regal agreement with them. Would this help if I asked.

 

What's the point of the exercise? You are taking vacant possession of the property, you will be undertaking a pre-settlement inspection - if they aren't out of the property or have caused damage then you won't settle. This is not your problem, you won't find LLI if you aren't going to be the land lord or collecting any rent as the property will be handed to you with vacant possession.

 

I'm not a legal expert, but I was under the impression you could delay settlement or seek damages if the property was not in the condition in which you found it upon signing contracts? Surely the damage doesn't have to be so severe that it's 'uninhabitable' to call upon that sort of protection?

 

There is no mandated legal requirement to have insurance in place at that specified time. Your referring to the fact that 5pm on next business day after contract signing date that the property is at buyers risk should damage occur.
I have always had a clause put in the contract by solicitor that its at sellers risk until settlement date but have always taken out insurance during the period rather then risk testing the clause and the COI is required before settlement by the bank anyway.

 

And some buildings are purchased as shells or stripped after damage, not all are purchased under finance either. I'm not advocating for not having insurance simply pointing out that your statement that it is a legal requirement in QLD is not the case, there is no law that stipulates such.

The OP should have no trouble taking out building and/or LL insurance during the period between contract and settlemnt

 

Dear Donald,
there is a thingy, it may be called a Pre- Settlement Inspection.
Before you pay all the money :
You go there and take an active look,
Check all the power points , bring a hair dryer and turn it on at each point.
Turn on and off all the lights
Flush all the dunes.
Open and close all the doors.
No rubbish /trash / Mal damage.

You get the idea?
When you are ok about things then you ring your solicitor and say I am OK!
When it is actually yours:
hire a locksmith to change all the locks Pronto!
I hope this helps
and Congrats on getting this far.