If you have just signed the contract for your new investment/development property, you might not realise, it’s already your responsibility to protect the property. This blog article explains why.

From the blog of Teddington Legal, July 25th 2015

“So you’ve taken the plunge into the property market and purchased a property. First of all, congratulations! Deciding to buy a property is a big step forward. But here’s a tip, have you considered insurance? We know, you’ve only just signed the contract of sale and you won’t actually own the house for a while yet, but what you’re probably not aware of is that the property is already you’re responsibility.

In Queensland the property is at the buyer’s risk from 5:00pm on the next business day after the contract date. What this means is that it’s up to you to protect the property from this time, even though you don’t legally own the property and probably aren’t the one living in it. Unfortunately this is how the law works in Queensland though.

So what are you waiting for! Insure your soon to be purchase!

Organising insurance for a property is a pretty easy process, with most insurance companies able to organise cover over the phone or via the internet within 24 hours. In most cases you will be taking out a mortgage for your property and where this is the case you will need to note your financier on the insurance policy as an interested party in the property. Be sure you check with them as to whether they have a required amount of cover for the property.”