Once the Contract of Sale has been signed by both parties, as the buyer, you have what is referred to as an insurable interest.
Even though you do not yet own the property it is highly recommended that you insure your interest in the property as the buyer of it.
While the vendor may retain their insurance until settlement, it may not be for an adequate amount, it may not cover everything that should be covered or the vendor might let it lapse.
This extra few months insurance premium is far preferable than ending up in an insurance dispute and possible significant financial losses if significant property damage occurs between contract signing and settlement.
If you are interested in All in One Property assisting you with your home insurance, then complete the form below and we will get in touch.