Is property insurance mandatory in Australia?

Is property insurance mandatory in Australia, it is not legally mandatory by federal law to have home building or contents insurance if you own property outright, but it is effectively mandatory if you have mortgage and for strata properties. If you own house with no mortgage, you are not legally required to have building insurance, but it is highly recommended because without it you bear full risk of fire, flood, storm and theft which can cost $300K to $800K to rebuild. If you have home loan, banks and lenders like Commonwealth, NAB, ANZ and Westpac require you to have building insurance with lender noted as interested party for sum insured covering rebuild cost, as condition of loan contract, so you must have it, otherwise loan in breach. For strata title apartments and units, body corporate must have building insurance for whole building under state strata laws, with minimum $20M public liability and building replacement cover, so you pay via strata levies, mandatory. For landlords, building insurance is required by lender and strongly recommended to cover tenant damage. For renters, contents insurance not mandatory but recommended. For public liability as property owner, not mandatory but wise. So property insurance is not mandatory by law for outright owners, but mandatory if mortgaged or strata, and practically essential for all due to high rebuild costs and natural disaster risk in Australia.