Bit of a commitment phobe? You can change your mind.
That means you can get your money back if you haven't made a claim.
Looking for insurance for your apartment? As your strata should cover your building, the best way to protect your apartment itself is to get contents insurance to cover your belongings and additional fixtures and fittings cover to protect things like your kitchen and bathroom if they are damaged.
If you live in a strata-titled property, such as an apartment, unit or flat, damage to the building should be covered by strata insurance. As such, you don’t need the building cover provided by a traditional home insurance policy, so it’s not possible to buy home insurance for an apartment.
If you want to cover the things insure your apartment you'll need to take out a policy that provides contents-only cover. Contents insurance covers your belongings against loss or damage due to a wide range of events, including fire, storm, theft, vandalism and more. It also includes cover for those interior fixtures and fittings you own that help make your apartment a home, such as blinds, curtains and carpets.
The body corporate, which is sometimes referred to as the owners’ corporation, is responsible for managing and maintaining the common areas of an apartment block. As the owner of an apartment or unit in the property, you become a member of the body corporate and can have a say in the decision-making process to do with all matters concerning common areas.
The body corporate is made up of all lot owners in the strata scheme and performs the following important roles:
The body corporate may vote to get a professional strata management team to manage the building on its behalf, or it may decide to take care of all management tasks itself.
If you own your apartment, you usually don't need to worry too much about strata insurance.
This is the responsibility of the body corporate. They need to purchase and maintain the necessary insurance cover for the property – in other words, to make sure the building and any common areas are properly insured. All you have to do is pay the fees.
This is where strata insurance comes in. This type of cover, which sometimes goes by the name of strata title insurance, is a mandatory form of insurance for strata-titled properties. It covers the cost of repairing or replacing the building when loss or damage is caused by fire, storm, hail, vandalism, theft and a number of other risks.
It also includes cover for loss or damage to any common property or contents, such as the following:
Finally, if someone is injured on common property, strata insurance also includes public liability cover to protect against any compensation claims that may arise.
So your body corporate has handled protecting the building itself. But how do you ensure that everything behind that front door is protected from the worst?
After all, it's not your fault if your upstairs neighbour accidentally leaves their bath running and the water drips down onto your new tv.
This is why it's a good idea to consider contents insurance for your apartment.
Here are some things that can be covered if you've got contents insurance:
Whilst each insurer is different, you'll generally be covered against loss or damage due to the following insured events:
So if strata insurance covers common areas, ceilings, and floors, and contents insurance covers your possessions, how do you make sure that things like your kitchen and bathroom are protected?
It's actually pretty simple.
These are commonly referred to as 'fixtures and fittings' in insurance, and in order to protect them all you have to do is take out additional fixtures and fittings cover on top of your contents insurance policy. This will cover things like bathroom and kitchen cabinets, air-conditioners, and anything fitted to your apartment. This type of cover is usually only available when there is a body corp or strata insurance.
There are several reasons why apartment contents insurance is a wise investment:
The following factors can help lower your apartment contents insurance premiums:
There are several other factors that can impact on the cost of cover. For example, if your building is located in a suburb with a higher than average rate of burglaries and break-ins, expect higher premiums. Similarly, the age of your building and the materials used in its construction can also have an effect. For example, the better equipped your building is to withstand storm damage, the lower the likelihood of your contents suffering storm damage and the cheaper your premiums will be.
Own an apartment that you plan on renting out to tenants? If so, you’ll need to consider buying landlord insurance. Landlord insurance covers all your fixtures and fittings in the apartment, which includes things like window blinds, carpets and light fittings.
These policies also include financial protection against a number of other risks, such as if a tenant defaults on their rental payments or if a public liability claim is made against you. Some landlord insurance policies will even cover your loss of rent if the apartment suffers contents damage and becomes uninhabitable for a period of time.
If you need cover for an apartment you want to rent out as an investment property, check out our guide to landlord insurance for more details on how this type of insurance works.
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.