do i need home insurance if i have body corporate
Absolutely, having home insurance is still important even if you have body corporate coverage. While the body corporate might cover certain aspects of the building structure and common areas, it may not protect your personal belongings or provide liability coverage for accidents that occur within your individual unit.
Home insurance, also known as renters or contents insurance, typically covers your personal property, offers liability protection, and may include additional living expenses if your home becomes uninhabitable. It provides a safety net for your belongings and personal space, ensuring that you're financially protected in various situations.
So, even if the body corporate handles some aspects of the property, having your own home insurance is a smart way to safeguard your possessions and personal liability. It's like having an extra layer of protection tailored specifically to your individual living space within the shared property.