So you bought a house, but do you have enough insurance?

ONCE you have bought a property, the first thing you need to do is to protect it and the treasured possessions inside it.

Home and contents insurance is a must these days to safeguard you from unforseen things such as fire, theft or weather events.

Slater and Gordon Queensland conveyancing lawyer Robert Kern said new homeowners should make sure they have properly insured the property from the moment they sign the contract - and many home lenders will not approve a loan without insurance in place.

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So you bought a house, but do you have enough insurance? 

He said the standard Queensland contract stated the property was at the buyer's risk from 5pm on the first business day after the contract date.

"This means that from that date, if the property is damaged in a natural disaster or burns down, that is the buyer's problem," he said.

"Therefore you still have to buy the home, even though there is nothing there left to buy.

"And if the bank refuses to lend the money, you are potentially stuck in a contract you cannot complete."

For more information and to compare different home and contents insurance policies visit the CHOICE website.

- APN NEWSDESK


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