Insurance and the bank
The bottom line
Your bank needs house insurance in place by settlement, with the bank noted on the policy. Many buyers arrange it from the day they go unconditional.
The bank will not settle without evidence that the house is insured and that the bank is named as an interested party. Insurers are also pickier than they used to be, and a property with a claims history, a particular cladding, or a flood overlay on the LIM can be hard or expensive to insure.
Get an insurance quote during due diligence, not in settlement week. If the insurer says no, that is a reason to cancel while you still can.
Read this
How do I get insurance for the property?
Do this
Get an insurance quote for any property you are serious about
Check yourself
From what point does the property need to be insured?
From the date the agreement goes unconditional.
What does the bank need to see on the policy?
The bank named as an interested party.
When should you get the insurance quote?
During due diligence, before you confirm the conditions.
Talk it through
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