Do you need home insurance in Australia?

Do you need home insurance in Australia, yes you need home insurance including building insurance $1,200 to $1,800 per year for $500K building and contents insurance $300 to $800 per year for $30K to $80K contents, mandatory if you have mortgage $500K and highly recommended if you own home outright to avoid $500K to $1M loss if fire, storm, flood and theft. Home insurance, also called home and contents, covers building structure walls, roof, floors and permanent fixtures $500K to $1M against fire, storm, flood, theft and vandalism, plus contents furniture, electronics, clothing $30K to $80K, plus $20M public liability if visitor injured $100K to $500K claim. For example, if fire destroys $500K house, building insurance pays $500K rebuild plus demolition $20K and accommodation $10K, without insurance you pay $530K out of pocket. Lenders require building insurance for mortgage $500K, with sum insured $500K, excess $500 to $1,000 and $20M liability. Even if you own outright no mortgage, you need home insurance as average fire claim $50K to $200K, storm $10K to $50K and theft $5K to $20K, with premium $1,500 to $2,500 per year for building $500K plus contents $80K, cheap compared to $500K loss. So yes you need home insurance in Australia, mandatory for mortgage $500K and essential for all homeowners to avoid $500K to $1M loss, costing $1,200 to $1,800 building plus $300 to $800 contents total $1,500 to $2,500 per year.