Hello! My dad died a few months ago and I've been gifted a townhouse that my parents owned as part of his wishes. BACKGROUND • 2br townhouse, southside of Brisbane • valued at $330k, built in mid-80s • completely flood-free from the past two major incidents • renovated (refreshed) in 2014 with all new carpet, all new paint, new stove/rangehood, toilet, downlights, new fittings etc • current tenant in place with $350/wk rent (hoping they will renew for 12 months) • managed by a real estate agent (will retain) • part of a 'four-pack' of connected townhouses, and part of a larger group • parents currently have building insurance (RACQ, but mum can't remember for how much), no landlord's insurance, no contents insurance • body corporate management, on standard format WHY I'M HERE • I started to get some online quotes for building insurance, and the first one said they don't insure properties under body corporate management - that was my first inkling that this is a new kettle of fish! • I've contacted the body corporate asking what their insurance covers, but no response yet (a week later) • I've done some reading and I'm still confused about what insurances I should/shouldn't take out, and what kind of amounts I should be thinking about, what kind of things are important to look for in a policy. I don't want to overpay by doubling-up on something that is already covered or isn't necessary QUESTIONS • So I should take out building insurance, but this is more for the internals of the building that may need coverage, yes? eg stair rails need to be replaced due to an accident. The Body Corp insurance usually covers the externals of the building? Therefore I don't need to insure for the full $330k - but how much would ensure I'm covered but not excessively? $100-150k? • what happens if the tenant hurts themselves and claim it was due to something faulty in the townhouse (eg stair railing was loose, and they slipped down the stairs)? Is there some public liability as a standard inclusion in one of these insurances? • I didn't think I would need contents insurance, as the place is not furnished, but apparently I should, to cover fittings?? If so, how much should I be thinking about? $20-30k? • landlord's insurance? must have? what sort of things do I need to know, look for, what are the most common claims? • does anyone do combined package of all three insurances? better to keep the three insurances with one place, or shop around for the separate ones? Canstar recommends Allianz for landlord's insurance in Qld. My apologies if these all seem like basic questions, but I've done some googling and reading, and want to ensure I'm doing my research. I've only just found this forum (saw the recommendation in Reddit), so I plan to do a lot more reading and learning around here. Anything else I should be looking into, as a newbie to this?