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When Should I Insure My Property? A Crucial Guide for Property Buyers

Rebuilding after an insured event

Congratulations! You've found the perfect property, and now you're ready to take the leap into homeownership or expand your investment portfolio. Amidst the excitement, it's easy to overlook a critical aspect - property insurance. But don't worry, we've got you covered! In this blog, we'll explore the importance of insuring your new investment and why it's essential to act swiftly, especially for our Queensland buyers who need to comply with Section 8.1 of the sales contract.

The Safety Net You Need

Property insurance is your safety net against the unexpected. It provides protection from damages caused by fire, theft, storm, and other unforeseen perils. Whether it's your dream home or an investment property, having insurance in place offers peace of mind, knowing that your hard-earned investment is secure.

Don't Delay - Act Now!

For our Queensland buyers, listen up! Section 8.1 of the sales contract requires you to insure the property by 5 pm on the next working day after a contract has been counter-signed. Time is of the essence! The clock starts ticking as soon as you sign that contract, so don't delay - get your property insured immediately.

Even if you're buying outside Queensland, it's wise to start researching insurance options as soon as you decide to purchase a property. Don't wait for the unexpected to happen before securing coverage.

Your Private Finance Broker - Your Insurance Ally

But here's the good news! Your Private Finance Broker is here to make the process smoother and more beneficial for you. Apart from providing expert financial advice, they can help you find insurance options that offer a complimentary period of coverage.

What does this mean for you? Well, it's simple. You won't have to pay to insure a property you didn't end up purchasing. If unforeseen circumstances prevent the sale from proceeding, you can breathe a sigh of relief knowing that you haven't lost money on insurance premiums for a property that's not yours.

Take Charge of Your Property Journey

So, let's recap! Property insurance is your safety net, protecting your investment from the unexpected. If you're buying in Queensland, comply with Section 8.1 and insure your property immediately after signing the contract. For buyers in any part of Australia, start exploring insurance options early on, and don't forget to consult your solicitor for personalized advice.

And remember, your Private Finance Broker is your ally in this journey. They can help you find insurance options that provide a complimentary period of coverage, so you're not left out of pocket if the purchase doesn't proceed.

Now that you're equipped with the knowledge, take charge of your property journey and ensure your investment is protected from day one. Speak to your Private Finance Broker today, and let's secure your property's future together!

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