Insurance for apartment living

Whether you live in an apartment, unit, or townhouse, you may be wondering what type of insurance you may need. Find protection for your apartment, whether you are a renter, owner-occupier or landlord.

What insurance options are there for an apartment?

Home insurance can offer cover for the building itself, and contents cover to protect your belongings. As apartment and townhouse owners are generally required to have strata insurance, home insurance for the building may not be required. However, you may want to consider contents insurance to protect your belongings and any fixtures or fittings in your apartment that the strata body corporate does not insure.

There are different insurance policies available for apartments depending on whether you are living in the apartment (i.e. renters and strata owner-occupiers) or renting your apartment out to tenants or paying guests (i.e. residential landlords).

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What insurance is available for renters and strata owner-occupiers?

Renters and strata owner-occupiers (those who own the apartment they live in) can consider contents insurance for the items inside their apartments.

A contents insurance policy can cover many different belongings. This can include appliances such as fridges and washing machines, electronics such as televisions and stereos, furniture, musical instruments, computers, tools, plus other items. It can also cover fixtures such as carpets, floating floors, kitchen cupboards and other built-in furniture or appliances that the strata body corporate does not insure. Further information detailing what types of belongings may be covered by a contents insurance policy can be found by reading the Product Disclosure Statement of the insurance product you might be considering.

As apartments share common spaces with neighbouring apartments such as the car park, stairwells, lifts, yards, etc., these areas along with the building are covered by strata insurance. Strata owner-occupiers and apartment owners pay strata levies that go towards the strata insurance.

Insurance for residential landlords

When the apartment owner does not live in their apartment and rents it out to tenants, they may consider Landlord Insurance to cover the contents and fixtures of their rental property.

Our Landlord Insurance offers cover for buildings only, contents only or both. For apartments or townhouses covered by strata insurance, contents only Landlord Insurance could be a suitable option. This can cover things like theft and damage by tenants to the contents and fixtures, loss of rent and rent default.

Find the right Australia Post contents insurance policy to protect the belongings in your apartment. 

The content of this article is provided for general information purposes only and is not legal advice. Specialist legal advice should be sought about your specific circumstances.

Australia Post home and motor insurance is issued and underwritten by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). Australian Postal Corporation (ABN 28 864 970 579, AR No: 338646) is an authorised representative of Australia Post Services Pty Limited (ABN 67 002 599 340, AFSL 457551) which is acting (under its own AFSL) on behalf of QBE. Any advice provided is general only and has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. To decide if this product is right for you, please read the relevant Combined Financial Services Guide and Product Disclosure Statement, and Target Market Determination. Any reference to value and competitiveness refers to an average market segment and may not include your specific circumstances.