Do renters need insurance?

Did you know that over half of Australian renters don’t have insurance for their valuables? That’s a staggering number of people putting themselves at significant financial risk every day.

Here’s a closer look at how Renters Insurance helps to protect you from damage and loss to your belongings.

What is Insurance for renters?

Renters Insurance is a type of contents insurance that provides financial protection against damage and loss to the personal items in your home. It can also cover you for damage to your landlord’s house and fixtures that you may be responsible for.

Should the home you’re renting be affected by fire, theft or other unforeseen events, Renters Insurance will help ensure you don’t end up significantly out of pocket.

Do I need contents insurance while renting?

Some renters may mistakenly believe their valuables are covered under their landlord’s insurance policy. Or perhaps some simply think, “It won’t happen to me.”

Yet one in 15 Australians will file a claim on their Home and Contents insurance each year – that’s nearly 720,000 claims.

Ask yourself, ‘If disaster struck, would I be in a financial position to replace all my furniture, clothes, computers and electronics?’ We can’t control everything that happens, but we can take steps to reduce the financial impact of unexpected events.

That’s why it’s so important to have contents insurance to cover your valuable belongings against damage and loss due to:

• Fire
• Vandalism
• Theft and attempted theft
• Storm damage and lightning
• Water damage and floods
• Explosion and impact damage
• Earthquakes

Always read over the terms and conditions of your policy to make sure you understand the exclusions, limits and conditions that may affect your coverage. If you have any questions, speak to your insurer.

What types of personal items are covered?

With furniture, appliances, clothing, computers, electronics and jewellery, the value of the contents in your home can quickly add up to thousands of dollars. Renters Insurance is designed to cover you for the replacement value of these everyday items and more.

Are there different types of Contents insurance?

While all Contents insurance policies are designed to do one thing – protect the contents in your home – there is no one-size-fits all approach to your cover.
You can tailor your Contents policy to meet your needs by adding optional extras for a higher premium.
For example, you may want to take out additional cover for:

• Accidental damage- Covers you for loss or damage to contents caused by an accident in the home.
• Flood insurance- Provides additional cover for the contents in your home due overflowing lakes, rivers, dams, etc.
• Personal effects cover- Insures your valuable items away from home.