INSURING YOUR HOME
Your guide to insurance for apartments
Wondering if GIO offers a dedicated ‘apartment insurance’ cover? Simply put, there's no one-size-fits-all apartment insurance policy. But you should match the risk with the right cover. This usually means:
- contents insurance for your belongings,
- apartment building insurance via strata insurance for the building, and
- landlord contents insurance for investors.
Terms, conditions, limits and exclusions apply – like with all insurance. But regardless of the type of insurance you purchase, read the relevant Product Disclosure Statement (PDS) before buying it. Discover more about this topic and which cover may be suitable for your needs.
How insurance for apartments works
In most Australian apartment blocks, the building is generally insured by the owners corporation or body corporate’s designated strata insurance policy. Strata insurance generally covers the structure, shared property and common contents. Individual residents then choose contents cover for their belongings, while landlords add landlord contents cover for rental risks.
Contents insurance for apartment residents
GIO Contents Insurance can help protect the things that make your unit feel like home. It covers insured events such as fire, storm, flood and theft, plus new for old replacement and legal liability up to $20 million.
Who contents insurance might suit
- Renters who want cover for their contents only.
- Owner-occupiers in a strata managed building who want insurance for their belongings.
Strata insurance for apartment buildings
GIO Strata Insurance is usually arranged by the body corporate or its managing agent, not the apartment owners. It typically can cover loss or damage to the building, common property and legal liability. GIO Strata Insurance includes:
- temporary accommodation for lot owners,
- loss of rent after insured incidents,
- leak exploration costs, and
- selected accidental or malicious damage.
Who this might suit
Owners corporations seeking apartment building insurance for shared areas and the structure.
What is the average apartment insurance cost?
There is no single average apartment insurance cost, because premiums vary by:
- state,
- building features,
- your sum insured,
- optional covers,
- insurance and claims history, and
- the excess you choose.
The best way to know how much home insurance will cost for you is to get a quote, which you can do easily here at GIO.
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Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. This advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Read the Product Disclosure Statement before buying any insurance. The Target Market Determination is also available.
The information is intended to be of general nature only. Subject to any rights you may have under any law (including the Australian Consumer Law), we do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
