Did you know when you sign a contract to purchase a property that you need to take out insurance immediately?
When buying a house in SA it is your responsibility to arrange for insurance on the property from the date of cooling off and you will be required to note who your financial institution is on the Certificate of Currency if you are obtaining finance.
If you are to purchase a strata unit than the Strata Corporation arranges for insurance on the building and common property for the property you are purchasing. However we recommend that you arrange for either Contents or Landlords insurance (whichever is applicable) to protect the contents of the property which includes all internal fittings such as curtains and carpets and electrical appliances. These are all at your risk from the date of signing the contract.