When owning a leasehold flat, you do not need to purchase structural building insurance, because the freeholder or management corporation is legally responsible for maintaining the master building insurance policy. However, you are personally required to purchase tenant or condo contents insurance. This specialized policy protects your personal belongings (such as furniture, clothing, and electronics), covers interior unit improvements or upgrades, and provides essential personal liability protection if an incident inside your flat causes damage to neighboring units or common areas.
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