Skip to main content
ARTICLE

What insurance do I need for my apartment?

Contents insurance - a row of apartment balconies
  • Whether you rent or own your apartment, it may be worth considering contents insurance
  • Contents insurance could potentially protect your belongings from theft and damage
  • Consider extras, such as Accidental Damage and Portable Contents options

Apartment living in Australia has become increasingly attractive over the past few decades. At the last count, there were more than 1.7 million apartments in the country1. And with a national vacancy rate of just 1.13%, rental properties are in high demand.

Apartment living offers many advantages, but from an insurance perspective it’s a different proposition to living in a freestanding house.

So, do you need insurance for your apartment if you’re renting? And do you need insurance for your apartment if you’re an owner occupier? Here’s what you need to know.

Related article: Does renters insurance cover that? 10 FAQs answered

How does insurance for apartments work?

Contents insurance - residential apartment block

If you own an apartment, you’re probably part of a strata, which collectively owns the building. That means the insurance for the physical structure of the apartment is likely to be covered as part of the strata fees you pay2.

While each state and territory has different legislative requirements, in most cases this means you won’t need to take out a policy to cover your home’s structure. If you’re not sure, check with the body that manages your property.

Similarly, if you’re a renter, the building’s landlord is generally responsible for insuring it.

Cover for the contents in your apartment, however, is something the individual owner occupier or renter must arrange. Contents insurance covers your belongings, and things like internal blinds, curtains and carpets.

So, whether you own or rent an apartment, consider contents insurance if you want to protect your belongings.

Why do you need contents insurance if you’re living in an apartment?

Contents insurance can cover belongings for an insured event that leaves them damaged or lost – for example, water damage, fire, flood, storm or cyclone.

It also covers theft and damage caused by malicious acts. This is an important consideration, even though it might seem apartments offer more security. It’s important to avoid becoming complacent.

Importantly, contents insurance usually also includes legal liability. That means it can protect you from the legal costs associated with an approved claim if an accident happens in your apartment – like if someone trips over your child’s toys and injures themself.

Related article: This one simple tip could save your home from water damage

Contents insurance - Young couple unpacking a new modern sofa in their apartment

Do you need any extra cover?

Whether you’re a renter or an owner, many contents insurance policies have other benefits you may not have considered. For example, new-for-old replacement on items, or capped payment towards the cost of replacing spoiled food if there’s a mechanical or electrical breakdown of your fridge or freezer.

Plus, for an additional premium you can also add extras, such as Accidental Damage and Portable Contents options.

Accidental damage covers things such as knocking a bottle of red wine over the carpet, or a tin of paint over your new sofa. While portable contents cover can protect things like mobile phones and engagement rings while you’re outside your home.

Learn about QBE Contents Insurance and get a quote.


1 Australian Bureaus of Statistics: An experimental snapshot of Australia’s housing using administrative data – 30 June 2021
2 Statista – Rental property vacancy rates in selected cities in Australia in December 2023

Copied
Share

This advice is general in nature and has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. To decide if QBE’s products are right for you, please ensure you obtain and consider the Policy Wording or Product Disclosure Statements and Target Market Determinations, available online at QBE.com/au. Insurance issued and underwritten by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545).

Home insurance and lifestyle articles

Read further articles
  • Hand turning off the mains water tap before going away.

    5 ways to prevent water damage while you’re away

    22 Oct 2024
    Making a habit of turning off your water at the mains before hitting the road for a holiday can save the hassle and heartbreak of returning home to a soggy mess.
  • Ariel view of flowery wellington boots standing on flooded wooden floor

    How to avoid falling victim to an indoor flood

    26 Sep 2024
    To prevent water damage in your home and the need for costly water damage restoration, check out our simple guide.
  • Burst braided flexible hoses are a major cause of water damage

    This one simple tip could save your home from water damage

    20 Sep 2024
    This one tip could save you thousands in water damage restoration. Learn how to prevent damage from a flexi hose, that can flood your home like a burst pipe.

Interested in QBE Home Insurance?