Insurance for Apartment Living
What is covered by apartment contents insurance?
- Damage to the contents in your apartment due to events such as fire, storms, or theft.
- Contents away from your apartment stored in commercial storage facilities.
- Personal belongings such as furniture, curtains, internal blinds, carpets, electrical appliances, clothes, shoes, and handbags.
- Most insurers have the ability to combine home and contents cover under one policy.
What is not covered by apartment contents insurance?
- Strata insurance does not cover your particular unit, whether it be a condo, townhouse, single-family home in a strata complex, etc.
- Strata insurance excludes any contents, fixtures, or fittings that have been installed by the unit owner.
- Wear and tear of your belongings, damage caused to computers resulting from a virus, and fixtures attached to your home are not covered.
Factors that affect apartment contents insurance premiums
- The value of your belongings.
- The level of coverage you need.
- The location of your apartment.
- The amount of excess that you choose to pay upon making a claim.
- The insurance claims history of the strata scheme.
When choosing a policy, it’s important to consider the value of your belongings and the level of coverage you need. You can buy insurance for just your belongings, or you can combine them with building insurance. Many insurers offer discounts for combining your cover. The cost of apartment contents insurance depends on factors such as location, level of security, and how much you’ve insured your property for. It’s also important to check what events are covered by the policy, as the list of insured events varies among insurers and policies.
In summary, apartment contents insurance covers the financial protection for your belongings in case of damage or loss due to insured events. When choosing a policy, it’s important to consider the value of your belongings, the level of coverage you need, and what events are covered by the policy. It’s also important to check what is not covered by the policy.