CHU have introduced a really good new initiative that is of significant benefit to you. Contents insurance is basically to protect your belongings in the property you reside in. It is a common misunderstanding that if carpet is damaged as a result of a Strata water leak, Strata will pay for the resulting damage to the carpet. But this is NOT the case.
Inconsideration with above example, if you do not have CONTENTS insurance, damage to your carpet will be at your own expense.
In addition, if you have CONTENTS insurance but your Strata and content insurer are NOT the same, then, should your personal belongings get damaged or stolen you would need to pay the CONTENTS insurance EXCESS yourself.