If you rent a flat or a house, you need home contents and personal belongings insurance. Home contents insurance covers household goods and other items that remain in the home, such as appliances, furniture, and fine art. Personal Belongings insurance, on the other hand, covers valuables normally worn or carried outside the house, such as electronics and jewelry. This insurance provides cover to repair or replace your items following damage from fire, lighting, earthquake, storm, flood, theft or vandalism. Home contents and personal belongings insurance are typically sold to renters; therefore, make sure your landlord possesses a building insurance policy on the apartment or villa itself.
If you own your home, your first priority should be building insurance. Building insurance covers the structure of your home (walls, roof, windows, etc.) from basic repairs to a complete rebuild if it is damaged by fire and explosion, flooding, natural disasters, theft, or vandalism. If you own an apartment within a tower, you can purchase a building insurance policy specific to your unit, while the exterior of the building is usually covered by a separate commercial policy. If you live in the house, you should also add the home contents and personal possessions coverage described above to fully protect your home and everything inside it.