What insurance you need if you live in flat in Australia includes contents insurance $30K to $80K $300 to $600 per year with $20M public liability, plus check building insurance via strata, as building covered by strata corporation. If you live in flat or unit, you need contents insurance covering furniture, electronics, clothing, jewellery and appliances $30K to $80K for 2 to 3 bed flat, costing $300 to $600 per year from NRMA, Allianz, Budget Direct, covering theft, fire, storm, flood and accidental damage, with $20M public liability if you cause water leak to neighbour $10K to $50K claim or injury in flat. Building insurance for flat is arranged by owners corporation via strata levies $500 to $800 per year, covering building $500K to $1M, walls, roof and common property, so you do not need building insurance, but check sum insured adequate and flood included. You may need accidental damage optional $100 extra for spills. If you own flat and live in it, you need contents $30K to $80K, if you rent flat, you need renters contents $20K to $50K $200 to $400 per year with liability $20M for rental bond and damage. So if you live in flat, you need contents insurance $30K to $80K $300 to $600 per year with $20M liability, plus ensure building insurance via strata levies, and optional accidental damage, not building insurance yourself.
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