Do I need my own insurance as a lot owner?

Yes — despite the body corporate's building insurance, you should maintain your own insurance as a lot owner. Your own policy should cover: - **Contents** — furniture, appliances, clothing, and personal valuables - **Lot improvements** — any renovation work or fixtures above the original building standard that the body corporate's policy may not cover - **Public liability** — for claims arising from incidents within your lot - **Loss of rent** (if you lease the property) — the body corporate's policy generally does not cover rental income If your lot is tenanted, landlord insurance is strongly recommended as it provides specific protections for investment properties including tenant damage cover. The body corporate's building insurance and your own contents/liability policy work together — neither alone provides complete coverage. This article is general information only and not legal advice.