Should you get home insurance at your new address?

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Getting home insurance at your new address is generally not a legal requirement. However, it’s a great idea if you want peace of mind as you settle into your new home – particularly if you’ve just purchased it.

If you’ve just purchased a property, your lawyer or conveyancer will usually recommend you insure your home or investment property when you exchange signed copies of the purchase contract with the seller. Also, most mortgage lenders require you to take out insurance before the loan becomes unconditional.

What happens if you’re selling your house and buying another?

If you’re selling your house and buying another one, your lawyer or conveyancer will usually recommend you:

  1. Keep your current home and contents insured until settlement day – which generally occurs 30 to 90 days after you and the buyer sign the contract of sale, and
  2. Insure your new house when you and the seller sign the contract of sale.

Do you need to insure your new home before settlement?

There are different rules depending on which state or territory you live in – so check with your relevant authority to determine whether you need to insure your new property before settlement.

How do you transfer existing home insurance to your new home?

It’s easy to move an existing home and contents insurance policy to your new home. Simply notify your insurer that you are moving, and discuss any policy changes required for your new home.

For more information, watch the video ‘Six reasons why moving house could affect your insurance cover’

Shop around

If you don’t have home and contents insurance or are looking to review your cover, now is a great time to shop around and compare quotes.

Note that the cheapest policy may not always provide the cover you require. Always read the product disclosure statement before making a decision.

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