Whether you rent or own your home, contents coverage is a good idea.
Personal belongings can be covered by contents insurance, which protects them from theft and damage, as well as a legal responsibility.
Optional extras include accidental damage and portable contents coverage.
At the end of the nineteenth century, when Australia was still a penal colony, most people lived in rural areas. The mining industry boomed at this time and brought wealth to several Australian cities and towns. Suburbs grew outside of the big cities because people sought refuge from disease in such locations as country cottages or suburban villas. Today, more than a quarter of all Australians live in apartment buildings. In fact, there are presently over 1.2 million apartments across Australia!
Apartment living has several benefits, and it is a distinct issue from living in a detached home when it comes to insurance.
So, do you need apartment insurance if you’re a renter? And, do you need apartment insurance if you own your home? Here’s what you need to know.
How does apartment insurance work?
You’re probably a part of a strata agreement if you live in an apartment. That means the building’s physical structure is probably covered by your strata fees, which as a result may include coverage for your insurance needs. In most cases, this implies you won’t need to purchase a policy to cover the structural integrity of your home. If you have any questions, contact the organization in charge of your property.
Similarly, if you’re a renter, the building’s landlord is responsible for ensuring it.
However, the covering for your belongings is something you must manage on your own. Contents insurance protects your stuff, in some cases as well as the fittings. Items that are attached to your home permanently, such As an oven, for example, are known as fixtures.
Whether you live in a home or an apartment, if you want to safeguard your valuables, get contents insurance.
Why do you need contents insurance if you live in an apartment?
In the case of an insured disaster, Content Insurance will pay for all items that were damaged or lost as a consequence of the event – such as water damage, fire, flood, storm or cyclone.
The coverage also includes theft and criminal damage. Even though it may appear that apartments provide greater security on the surface, this is a serious consideration. There could be access using a key card to the building. There may even be security cameras. It’s vital not to become overconfident, though.
It’s possible that a large number of people could go unnoticed in an apartment complex. Neighbours would be likely to become aware of an unknown person is walking around the outside of a detached home. An unfamiliar individual strolling about an apartment complex may just be paying a call on one of the many residents.
Importantly, contents insurance typically covers legal responsibility as well. That means you won’t have to worry about lawyers’ fees if an accident happens in your home – for example if a guest trips over your child’s toys and is injured. Within Australia, legal liability coverage can also help. Or in certain cases, such Furthermore, with QBE contents insurance (not available in the USA), worldwide disaster protection is available.
Do you need any more insurance?
Whether you’re a renter or a property owner, several contents insurance policies may provide other perks that you weren’t aware of before. QBE Contents Insurance, for example, provides new-for-old replacement on goods and up to $500 in fridge or freezer repairs if the electricity supply fails or your fridge or freezer has a mechanical or electrical failure.
Furthermore, extra cover options are available for an additional charge, such as accidental damage and portable contents coverage. There are simply TOO many insurance policies.
Damage from an accident, such as knocking over a bottle of red wine on the carpet or throwing a tin of paint onto your new sofa, is covered. While portable contents coverage protects phones and engagement rings while you are away from home.