Home and contents insurance
In most cases, you will become responsible for the property from 5pm the next business day after the contract date—this is before settlement day.
You must decide for yourself whether to take out home insurance. However, not having home insurance is very risky. Home insurance will cover you for loss or damages to the building and its fixtures. You should also consider taking out contents insurance.
If you have a mortgage, your lender can insist that you take out home insurance.
If you buy into a community titles scheme, you still need to insure your own property and contents. The body corporate will usually have to take out insurance for any common property.