Step 10 · 1–4 weeks
Prepare for settlement
Between going unconditional and settlement day, arrange building insurance (effective from settlement day), transfer utilities, organise movers, and do a final pre-settlement inspection.
How to approach it
Lock in your insurer early — some properties need extra underwriting (flood zones, older buildings). Book movers, redirect mail, and arrange final power/gas readings. Do the final inspection the day before or the morning of settlement.
Watch out for
Insurance must be active from settlement day, not before — the previous owner's cover ends then. Forgetting leaves you uninsured on day one, which also breaches most mortgage conditions.
Cost & timeframe
Typical cost
$500–$2,000
Typical time
1–4 weeks
Common questions
When does my insurance need to start?
From settlement day. Arrange cover ahead of time and set the start date to match settlement.
What's a pre-settlement inspection?
A final walk-through to confirm the property is in the agreed condition, fixtures are present and the seller has moved out. Do it in the 24 hours before settlement.
Why insurance matters early
Don't get blindsided at settlement
Home insurance isn't a box to tick on moving day — it's a real weekly cost your bank requires on a mortgaged property, and it's why it sits in the true-cost calculator. Most first-home buyers only price it at the end and discover the number is nothing like the "average".
The premium depends on the property's risk profile: flood zones, coastal-erosion areas, soft soils and older, unrenovated builds all cost materially more to cover. In some spots insurers are pulling out entirely — and if a home can't be insured, a lender generally won't finance it, so the deal can fall over after you've spent thousands on inspections and a deposit.
That's why it pays to check insurability while you're house hunting, not days before settlement. Pull the council LIM and the EQC / council natural-hazard maps, and ask an insurer for an indicative premium on any property you're seriously considering.
This is educational context, not advice — premiums and availability change, and only an insurer can confirm cover for a specific property.