Home insurance: building, contents, or both?

Home insurance has two distinct components: structure (the building itself) and contents (everything inside). Picking the wrong combination means paying for cover you don't need or skipping cover you really do.

Renting?

Skip the building cover (your landlord's policy already handles it) and take only contents cover. Premium drops 60-70%.

Owning?

Take both. Building cover protects against fire, earthquake, flood, and burglary damage to the structure. Contents cover protects everything inside — electronics, furniture, jewellery (with limits).