Do I need to get building insurance?

Yes. It is a condition of your mortgage that you have a general insurance policy which names the lender as an insured party. The general insurance policy should insure the property for fire, storm and other hazards that may impair the value of the property.

The insurance will need to be for full replacement cost and with an insurer approved by the lender. The premium for the first year must be paid at or prior to settlement.

Who do I put on the insurance policy?

You will need to make sure that the insured party has the correct name for mortgage purposes.  Refer to the table below and your insurer will be familiar with what to do to make sure that both you and the credit provider are properly insured.

Make sure that the full name with correct spelling is on the policy; some insurers will try to abreviate the name of the credit provider, however it's always best to make sure that they don't.