When to get house insurance?

Hi all,

This is probably a Q that has been asked a million times and ive tried doing a search and sifted through several pages and came up empty handed so ....

We are at lock up now. When do we get insurance? ...when do most people insure there brand new home? ..obviously we get contents added when we actually move in? ...please excuse my ignorance, I know absolutely nothing about house and or contents insurance, the only thing ive ever insured in my life is my car.

Also with the recent flood activity and you hear of these poor souls being left high and dry by there "supposed" insurance company... what do I ask so I knew definitively that my house is covered by floods as I wouldnt want to be prospectively put into the same boat of not actually being covered if the unfortunate event occurs when I thought I was covered.

I tried calling to get 1 quote when we were at slab stage and the person I spoke said they will only issue a quote once we are at lock up ...so I gather this is the time to start enquiring?.

Thank you.

I got insurance at handover.

I started looking for quotes for insurance once we had a date for handover.

It's usually at handover as the builders insurance should cover the house until then (hence why they don't put the appliances in until handover in most cases)

Yep, at handover. If you have construction finance, some financiers won't make the final progress payment until you provide them with evidence that you have the place insured.... From memory, the final progress claim is usually handover anyway and usually doesn't get paid to the builder until that stage is complete!!

As for what to ask re: what you are covered for.... The policy document and definitions of what is covered should tell you. For instance, if it says you are covered for flooding, make sure you have that defined for you!!! Some examples may be excluded as well. I think the people in Qld/Vic that weren't covered for their flooding was because their policies specifically excluded "floods caused by waters rising up from underneath or naturally occuring flows...." or some rubbish like that. They should give you definitions of what each thing means. You could also ask directly. For instance, if you are in an area that has a lot of bush and the policy says you are covered for "fire" ask them if you are covered for bush fire, or smoke damage, or fires that started outside your home or in the case of arson...... So many scenarios!!