Insure your new home
As you get close to settling on your property, you want to be sure you’ve got the right insurance coverage to protect your investment. Here’s a quick guide to what you need and when.
All you need to know about insurance
To avoid being underinsured, your home and contents sum insured should reflect what it would cost to rebuild your house or replace your contents at today’s prices.
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Contract or settlement…when do you need insurance?
Until the contract is signed, the seller is responsible for insuring the property. After the contract is signed but before you take possession on the settlement date, the seller is still technically responsible for maintaining the property. If, for example, you conduct a pre-settlement inspection and find that the house has been substantially damaged since you signed the contract, that contract could be voided.
You should consider arranging for your new home to be insured from the date of the contract signing, not just from the settlement date. This will ensure that the property is insured and damage from insured events is covered. With a home building insurance policy appropriate for you, you’ll sleep better knowing you actually have somewhere to rest and call home.
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What about Life Insurance and Income Protection?
If you’ve entered into a home loan alongside someone else, you both need to consider what happens to the loan if one of you passes away, or is unable to earn an income because of an illness or injury.
It’s a very difficult thing to think about, we know, but one awkward conversation now can prevent something truly disastrous from happening later on.
We’re ready to help you
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Banking Products and Home Loans are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document and the Terms and Conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.
Suncorp life insurance products are issued by Asteron Life & Superannuation Limited ABN 87 073 979 530 AFSL 229 880 (Asteron), and AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) which is part of the Suncorp group, who only issues the redundancy benefit. Asteron is authorised to use the Suncorp brand. Any advice on this page is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). TAL Direct and Asteron are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 (TAL) group of companies. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters. Before making a decision about the product you should consider the relevant Product Disclosure Statement available from Asteron at suncorp.com.au/insurance/policy-documents or by calling 1800 639 065. The Target Market Determination is also available. If you decide to purchase or vary a financial product, PV will receive fees and other benefits, which will be a dollar amount or a percentage of the premium you pay. You can ask us for more details.
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Life insurance is provided by Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229 880 (Asteron). Asteron is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Suncorp is a distributor of Life Insurance products issued by Asteron. The different entities of TAL and the Suncorp Group are not responsible for, or liable in respect of, products and services provided by the other.
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