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Apartment Insurance

Apartment insurance could give you $20,000 worth of protection, for as little as $23 a month.

Content Insurance

Key takeaways

  • The contents of your apartment are not covered by strata insurance.
  • To protect them, you'll need a dedicated contents policy.
  • This goes for stuff in both your apartment and any car parks or storage cages you have as part of your lot.
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Name Product AUFHO Finder score
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
N/A
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
N/A
Youi Contents Insurance
4/5★★★★★
Best Rated Brand
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4/5★★★★★
Our verdict: Finder’s 2022 Insurer of the Year for Customer Satisfaction and our Top Pick for Fire Damage cover. It’s good if you want a tailored quote over the phone.
QBE Contents Insurance
3/5★★★★★
Green Company
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
3/5★★★★★
Our verdict: It covers essentials such as fire and theft plus comes with some good perks such as security upgrades after a burglary and up to 10% off your first year.
Qantas Contents Insurance
4.5/5★★★★★
Bonus
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4.5/5★★★★★
Our verdict: Earn up to 40K Qantas Points for joining by 29 January. Plus save 30% on your 1st year’s premium for purchasing a combined home and contents policy online. T&Cs apply.
Honey Contents Insurance
4.5/5★★★★★
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4.5/5★★★★★
Our verdict: Honey gives you $250 smart sensors to reduce accidents and estimates the value of your contents. It was also a finalist for the comprehensive category in the Finder Awards.
Budget Direct Contents Insurance
4.5/5★★★★★
Best Rated BrandBonus
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
Storm
Fire
Theft
Flood
Accidental Damage (e.g TV falls)
Impact to home (e.g falling trees)
Escaped water (e.g burst pipe)
Portable contents (e.g dropped laptop outside of home)
+ more insured events and other features
4.5/5★★★★★
Our verdict: The most popular insurer on Finder, Budget Direct prioritises low-cost cover and gives you 15% off your first year's premium if you purchase online. You need to pay extra for flood cover and accidental damage.
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What does apartment contents insurance cover?

Here are some of the main things in your apartment that contents insurance can help protect.

Old desk with laptop

Your personal valuables

Includes damage or theft to your laptop, TV, designer clothes, jewellery and more.

Bathroom with modern sink

Permanent fixtures

Covers additions to your apartment like bathroom vanities, stovetops and air conditioners.

Spoiled wine in living room

Accidental damage

Cover for mishaps like spilled wine, a smashed TV screen or a burst water pipe.

Do I need home insurance for my apartment?

Legally, you're not required to have insurance for your apartment. However, it's a good idea to take out a policy if you have any expensive items that you'd like to protect.

Tenant

I'm a tenant

Lots of renters could benefit from contents insurance. If your home is burgled or a water pipe bursts and ruins your things, contents insurance can help you foot the bill.

Home owner

I'm an owner-occupier

Your apartment building is likely covered by strata, but you may want to add fixtures and fittings cover, as well as contents insurance. That way, you'll be covered for things like a damaged air-conditioner, as well as your belongings.

Landlord

I'm a landlord.

If you're renting your apartment out, you should look at landlord insurance.

Tim Bennett's headshot
Why Tim should have had apartment contents insurance

"I recently had a bicycle stolen from the lock-up garage in my building's basement. The thieves were able to get into the basement, and then they literally bent back the door of my garage, so they didn't even need to break the lock! I would have had the bicycle covered if I had a apartment contents insurance policy, but I didn't. I figured that I lived on the 5th floor, so I would never need to worry about theft. I was incorrect!"

Insurance expert

Why is contents insurance important if you live in an apartment?

Contents insurance is important for anyone who has items in their home which would be expensive to replace. It doesn't matter whether you live in a studio apartment or a three-story townhouse, contents insurance is worth considering. It can protect everything from your TV and audio equipment, to expensive jewellery and designer clothing.

How to reduce the cost of apartment insurance?

There are many ways to reduce the cost of home insurance, like increasing your excess and taking advantage of discounts. If you live in an apartment, there are a few extra things to consider when trying to save.

  • If your building has security. How secure is your apartment building? Are there gated stairwells? Can guests only gain access to the complex or to the lifts with a key or a card, or can anyone just wander in off the street at any time? The more secure your apartment is, the smaller the risk of theft or burglary and the more affordable your premiums will be.
  • If doors lock automatically. Doors that lock automatically when shut are another simple measure that can greatly increase the security of a building and make it harder for uninvited strangers to get in.
  • If you're on a higher floor. As a general rule, the higher up your apartment is, the less likely you are to be broken into. This can help lower your apartment contents insurance premium.
  • If you don't have a balcony. Burglars gaining access to apartments through unlocked balcony doors is a lot more common than you might think, so apartments without balconies generally tend to be cheaper to insure.

What can I do to protect my apartment?

Insurance will only help cover you for accidents and the unexpected. It won't help if the damage is caused by your own neglect. Here are some tips to help prevent damage and loss to your apartment.

Broom

Regular maintenance of the apartment will help you identify areas of wear and tear before they cause problems.

Lock

Increasing security with security doors and surveillance cameras can help deter thefts.

Screw driver

Hiring professional handymen to help with more technical jobs can save you time and stress.

Compare apartment insurance now

Frequently asked questions


Read more:

Tim Bennett's headshot
To make sure you get accurate and helpful information, this guide has been edited by Tim Bennett as part of our fact-checking process.
Nicola Middlemiss's headshot
Senior writer

Nicola Middlemiss is a contributing writer at Finder, with a special interest in personal finance and insurance. Formerly a business and finance journalist, Nicola has written thousands of articles helping Australians better understand insurance and grow their personal wealth. She has contributed to a wide range of publications, including Domain, the Educator, Financy, Fundraising and Philanthropy, Insurance Business, MoneyMag, Mortgage Professional, Yahoo Finance, Your Investment Property, and Wealth Professional. Nicola has a Tier 1 General Insurance (General Advice) certification and a Bachelor's degree from the University of Leeds. See full bio

Nicola's expertise
Nicola has written 237 Finder guides across topics including:
  • Personal finance
  • Personal insurance, including car, health, home, life, pet and travel insurance
  • Commercial business insurance

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