Building insurance will be a condition required by most lenders before releasing the final payment.
During the construction period, the builder's Home Warrantee Insurance covers your build. Once practical completion is reached, you will need to provide insurance. At this point, DPN will assist you by recommending accredited providers or you can source an insurer yourself.
Home Buildings Insurance covers your home as well as other structures on your property such as garages, sheds, fences and in-ground pools. For example, if your home was damaged by fire or storm, your building policy would cover the cost to rebuild or repair.
For further peace of mind, we highly recommend Building and Landlord Insurance and Rent Default Cover to minimise your financial exposure should any unforeseen damage or issues with tenants arise.
The exception on insurance will be if your property is under a Strata / Body Corporate scheme (such as a Townhouse), as the build insurance is covered under this charter, however, DPN recommends still having Building and Landlord Insurance and Rent Default Cover.
Property Investment Journey
- About DPN
DPN Dual Income Property
- Introducing Dual Income property
- Purchasing a Dual Income property
- Building a Dual income property
DPN Property Management