✅ Protect Your Investment from Day One — Learn Why Early Building Insurance Is Essential
In Queensland, the moment you sign a property contract, time starts ticking. Even if your purchase is conditional or settlement is weeks away, you’re legally required to take out building insurance within 24 hours of signing .
Under the standard REIQ (Real Estate Institute of Queensland) contract, risk transfers to the buyer by 5 pm on the next business day after signing. That means if the property suffers damage — like fire, storm, or flooding — before settlement, you're responsible.
Imagine this: You’ve signed a contract to buy your dream home in Mackay. The vendor has already moved out and cancelled their insurance. A severe storm hits overnight, causing major roof damage. With no insurance in place, you could still be obligated to complete the purchase — and pay for costly repairs.
This rule exists to protect both parties, but it places the responsibility firmly on the buyer to act quickly. Taking out short-term or permanent building insurance immediately ensures that even if something goes wrong, you won’t bear the financial burden alone.
And if your purchase falls through due to unmet conditions — say, your finance isn’t approved — having short-term coverage can still save you from unexpected losses during that brief window of risk.
📍 Gardian Insurance – Your Local Experts in Property Insurance We help Mackay and Whitsunday region buyers secure fast, affordable building insurance right when they need it most.
