If you and your belongings have moved out of your parents’ home then you will no longer be covered by their Contents insurance, so will need to take out your own policy. Unlike a family home, if you are flatting, your Contents insurance only covers your belongings and not your flatmates' as well.
Your Contents insurance will also cover your legal liability up to $2million, should you accidentally damage someone else’s property, such as causing a kitchen fire while cooking. Without legal liability you may need to pay for the damage out of your own pocket. It’s advisable for each flatmate to take out their own Contents insurance, even if they have very few belongings, because you don’t want to potentially face a lifetime of debt should the worst happen.
However, if you’re a tertiary student living in a boarding school or in tertiary accommodation you’ll be covered under your parents Contents insurance with AA Insurance. This is up to $5,000, and includes your legal liability.