Insurance
HOME INSURANCE
Make sure you are clear about exactly when you are responsible for the insurance of your property. We strongly recommend you speak to your Legal representative to discuss your obligations. Even though the property may be covered by the seller's insurance up until the date of settlement, it is recommended that the buyer take out building and contents insurance, effective from the date of signing the contract.
If you have a mortgage your lender will expect you to have home building insurance.
If you buy into a community titles scheme (e.g. townhouse, villa or home unit), the body corporate will generaly have to take out insurance to cover common property but you are responsible for insuring your contents.
RENTAL INSURANCE
We cannot stress enough the importance of adequate Landlord Protection Insurance for all rental properties. The items covered in these policies are not covered in your normal household insurance policy and are specifically designed for rental properties. We highly recommend "Landlord Protection Insurance" to all landlords.
These premiums are normally FULLY TAX DEDUCTABLE however you will need to refer to your Accountant for details.