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Home insurance is not legally compulsory in Australia, but if you have a mortgage your lender will require you to hold building insurance as a condition of the loan. For any homeowner, carrying home and contents insurance is strongly recommended given the high cost of rebuilding or replacing belongings after a major loss.
If your home is destroyed and you have no insurance, you are still liable for your mortgage debt — even if the property no longer exists. The financial exposure is enormous. Beyond the building, replacing the contents of a typical three-bedroom home from scratch costs $50,000–$100,000 or more. For the relatively low annual cost of a combined home and contents policy, the risk exposure of going without cover is difficult to justify.
Renters do not need building insurance — that's the landlord's responsibility. However, renters should seriously consider contents insurance to protect their own belongings. A landlord's insurance policy does not cover the tenant's furniture, electronics, clothing, or valuables. Contents insurance for renters is typically one of the most affordable insurance products available, often from $10–$20 per month.
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