Insurance for apartments

Average customer rating: 4.3/5
Written by Kenneth Young
Reviewed by Adrian Taylor
Updated March 6, 2024

David Koch: “It pays to prepare for the worst.”

Whether you’re a renter or a homeowner, don’t miss what Kochie has to say about getting insurance for your apartment.

David Koch
Economic Director

Tips from our home insurance expert, Adrian Taylor

As the Compare the Market’s home and contents insurance expert, Adrian Taylor has the following tips for those looking for insurance for apartments:

Adrian Taylor
Executive General Manager – General Insurance

Check if your landlord insurance is tax deductible

As a landlord, you may be able to claim the insurance premiums for your apartment. You’ll need to talk to a qualified tax professional to discuss landlord insurance tax claims for your situation.

See if you need building insurance as well

If your apartment is part of a body corporate or strata title, building insurance may be included in your monthly dues. However, there may be instances where this isn’t the case, and you’ll need to get your own building insurance. Check with your apartment’s building management when you move in.

Don’t forget your portable possessions

Some contents insurance policies don’t automatically cover belongings you regularly take out of the apartment (e.g. mobile phones or glasses). However, many insurers offer this cover as an optional extra. Consider covering these items as well as those that stay inside your apartment.

The basics of insurance for apartments

What is apartment insurance?

Why is insurance for my apartment important?

Who needs insurance for apartments?

Do I need home insurance if I own an apartment?

Do I need insurance for my apartment if I lease it out?

Do I need home insurance if I rent an apartment?

Do I still need insurance for my apartment if I pay body corporate or strata fees?

Different types of insurance and what’s covered

How can the different insurances cover your apartment?

What type of insurance covers damage to the building or shared facilities of my apartment?

Does insurance for apartments cover theft?

Does insurance for apartments cover water damage?

Are building defects or faults covered under insurance for my apartment?

Apartment insurance costs

What factors affect insurance premiums for my apartment?

Can I reduce the cost of insurance for my apartment?

Meet our home and contents expert, Adrian Taylor

Adrian Taylor
Executive General Manager – General Insurance

As the Executive General Manager of General Insurance at Compare the Market, Adrian Taylor works to make it easier for homeowners, renters and landlords to protect their home and contents. He believes it’s important for all residents (whether they rent, own or lease) to have adequate financial cover for their property and belongings in case the worse should happen.