As a new homeowner, there are typically three types of insurance you should be aware of: strata or building insurance, homeowner’s insurance and tenant’s insurance.
Strata insurance only covers damage outside of your apartment or townhome. For protection inside your home, you’ll have to think about home and contents insurance.
Basic home insurance generally provides coverage for earthquake, flood, fire, theft, windstorms, water damage and strata assessments. Often, insurance companies provide add-ons to basic insurance.
As a tenant, you are not covered under your landlord’s home insurance and are liable for the apartment or townhome and the building during your occupancy. Your landlord could ask for proof of rental or contents insurance in order to rent out the property.
There are several companies that sell various types of insurance, so be sure to do your research, talk to your local expert and shop around before buying home insurance.
