When do I need to get house insurance?

Short answer: From signing or when contract says risk passes. Bank requires proof before releasing funds. Do not wait.

What this actually means in plain English

You need insurance from the moment you sign the sale and purchase agreement, or from the date the contract says risk passes to you. Usually this is at signing or settlement. Your bank will require proof of insurance before releasing mortgage funds. Do not wait until moving day. Get quotes early.

Key Facts

Insurance needed from contract signing or agreed risk date
Bank requires proof before settlement
Get quotes during due diligence period
Insurance broker can compare multiple insurers
Sum insured must cover rebuild cost, not purchase price
Earthquake cover essential in NZ

Example

Contract Date: 1 June

Insurance Start: 1 June

Bank Requirement: Proof required by 15 June

Rebuild Cost: $450,000

Annual Premium: $1,200

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