It is important to make sure your new valuable asset is protected. When you find a property you are interested in, you should check whether the house is currently insured, and whether there have been any incidents that could affect future insurance of the property. Things to consider and things your insurance provider will want to know include the age of the property, size, previous claims and incidents, compliance and consents for any additions and work, and what materials the property is made of.
Also, if you have a mortgage, your lender will usually require you to at least have adequate buildings cover in place until you have repaid the mortgage. Your insurance policy will need to cover you from the day you own the property, even if you aren’t moving in on that day. Many lenders require insurance that covers fire, flood, other natural disasters to a level that covers costs of a complete rebuild of the property. They will also usually require you to list them as an interested party on that insurance policy. Therefore, it is useful to speak to a registered valuer or property surveyor who can help ensure you are paying for the right amount of insurance cover for that property.