Do I really need contents insurance?

Do you really need contents insurance in Australia, yes you really need contents insurance if you have personal belongings $20K to $150K like furniture $10K, electronics $10K, clothing $5K, jewellery $2K to $10K and appliances $5K, as contents insurance $300 to $800 per year for $30K to $80K contents covers theft $5K to $20K, fire $80K, storm $10K to $50K and accidental damage $1K to $5K, costing $25 to $70 per month saving $10K to $80K loss if burglary or fire, with average Australian contents $50K to $80K value. Contents insurance $300 to $800 per year for $30K to $80K contents covers personal belongings against theft $5K to $20K if burglar steals electronics $10K, fire $80K if house fire destroys contents, storm $10K to $50K if water damages furniture $10K, vandalism $2K to $10K and $20M public liability if visitor injured $100K to $500K claim in your home, costing $25 to $70 per month $300 to $800 per year, with excess $500 to $1,000. For example, 2 bed flat contents $80K includes furniture $20K, electronics $15K, clothing $10K, jewellery $5K and appliances $10K, fire destroys $80K, contents insurance pays $80K minus excess $500 = $79,500, without insurance you lose $80K out of pocket and need to replace $80K. If you rent, landlord building insurance $1,200 to $1,800 per year for $500K building does not cover your contents $20K to $80K, you need own contents $200 to $400 per year for $20K to $30K contents. So you really need contents insurance if you have $20K to $150K belongings, as $300 to $800 per year $25 to $70 per month saves $10K to $80K loss from theft, fire and storm, with average contents $50K to $80K value and public liability $20M included, essential for renters and owners, not mandatory but highly recommended to avoid $20K to $80K out of pocket loss.