Generally, the property is at the buyer's risk from the day of exchange of contracts (depending on state legislation) and also at the seller's risk until completion. Both parties have an insurable interest between exchange and completion. It is not safe for either party to rely on insurance arranged by the other.

The general rule can be affected by state/territory legislation for example, it is the seller's risk during contract and settlement in NSW, and both buyer or seller should insure their interest in anycase.