When to have all insurances in place during settlement period?

To all,
We in the middle of settlement on our first IP. at what stage of the settlement process do we need to have our insurances inplace as landlords?
On the day of settlement when contracts exchanged or sooner?
Cheers

 

I assume you are talking about building insurance (but you did post "insurances").

Depends what your contract says as to who is liable for the property prior to settlement.

Any contract I sign says it is the vendor; yours could say it is the purchaser.

Read your contract.

Are you talking life insurance? landlord indurance?

 

Is there a clause requiring the the vendor hold AND maintain adequate replacement cover until settlement is completed? My solicitor always adds this and it requires the vendor to provide a copy of the certificate at the time of exchange.

Strata ? Did you do a strata search AND determine it was adequate cover. Many strata policies dont adequately cover replacement of the building.
LL : From the time you engage a agent to obtain a tenant

 

Which state are you buying in? Different states, different rules.

 

I have been told in Western Australia that it is the buyers responsibility to insure the building prior to settlement. However, I have approached a number of insurance companies and they won't insure prior to the settlement date. This is an issue. If settlement is at lunch time, insurance does not commence until 4 pm. So there is a 4 hour window where, for example, if the house burned down I would not have insurance. Bit of a worry really.