Insuring your home building when you have a government loan
If you have a home loan with the Queensland Government, you must make sure the property is covered by home building insurance for the full term of your loan.
It’s your responsibility to:
- pay the insurance premium each year—unless you’re a Rental Purchase Plan customer (see below)
- comply with the terms and conditions of your insurance policy
- inform us of any changes to, or claims made on, your policy.
It’s up to you to decide whether to insure your home contents.
Important
If you’re a Pathways Shared Equity Loan or Rental Purchase Plan customer living in a freehold property (e.g. a house), your home building insurance policy must list us an ‘interested party’.
That’s because, as part-owners, we have a financial stake in your home.
If we’re not listed in your policy, it can severely complicate any claim you make for building damage or loss.
When to first get home insurance
When you sign the contract of sale, the risk of damage or loss passes to you, the buyer, at 5pm the next business day.
So, you should insure your home as soon as you sign the contract of sale.
Proof of insurance
At the start of your home loan, we’ll ask you to give us a ‘certificate of currency’ to prove your home building is insured.
The certificate states your insurance policy is current and valid.
Ask your insurer to send you the certificate and then pass it onto us.
What your cover must include
Your home building insurance policy must include public liability cover (also known as legal liability cover).
Some insurers do not offer flood cover as standard. If necessary, you must add this cover to your policy.
For more information about what your insurance covers, read your insurer’s product disclosure statement.
Renewing your insurance
You’re responsible for renewing your home building insurance each year.
If you’re a Rental Purchase Plan customer
If you’re a Rental Purchase Plan customer, we pay for your insurance.
Get a refund for an insurance payment
Send your insurance renewal notice to us for payment
Changing insurers
You may change your home insurer at any time. If you do, you must let us know as soon as possible.
You must also ask your new insurer for a certificate of currency and send it to us for our records.
If you’re a Pathways Shared Equity Loan customer
If you have a Pathways Shared Equity Loan for a share of your home, you’re required to pay for insurance for your whole home building (your share and ours).
Each time you renew your cover, you must ask your insurer for a certificate of currency and send it to us.
More information
- Phone: 1300 654 322 (Monday–Friday, 8.30am–4.30pm)
- Email: hscsloaninformation@housing.qld.gov.au
- Post:
Loans and Debt Management
Department of Housing and Public Works
GPO Box 690
BRISBANE QLD 4001