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More like $1 per day (for a unit), and as you say...tax deductible.

You should certainly get it straight away. Apart from the liability, if there was a fire that destroyed your unit (for example) before it was tenanted, you would need your insurance in place to cover the repair costs.

The internal carpet won't be covered by the strata insurance, neither will light fittings, curtains, blinds, nor the internal paint. These all need to be insured as your "contents". The other area to watch is that if any of the internal fixtures such as bathroom fittings, kitchens etc. have...