Renters insurance information

Renters insurance, or contents only insurance, offers a safety net against unforeseen damages to your belongings such as furnishings, clothing and home electronics while you’re living at a rental property.

If you live at a rental property, you want the best financial protection against fire, theft or any unforeseen accidents for your valuables. We understand that renters have different priorities to landlords and homeowners – and we know that it’s better to be safe than sorry.

While standard policies may not cover you for all kinds of events, you can choose a contents insurance policy with extras to get a better sense of security.

As a renter, you hold financial responsibility not only for your belongings residing inside your accommodation but also for your personal effects that you carry with you, such as your smartphone or tablet, handbag or satchel and jewellery items – or even your pushbike if you cycle to work or uni.

In the event of loss, theft or damage, rental insurance can offer financial cover for most of your belongings, ranging from your personal effects to artworks, furniture and home electronics.

It’s crucial that your belongings are protected. Even something like a washing machine that inexplicably breaks down mid-cycle or a broken fridge has the potential of severely damaging or destroying your furniture or home audio equipment (e.g. floor speakers). This means you might also want to have a look into motor burnout insurance.

Don’t count on your landlord’s home insurance. Choose a renters insurance policy that suits you best. At comparethemarket.com.au, we’ve got your back in comparing renters’ insurance policies.

What should I consider when choosing a renters insurance policy?

There are two main things you should consider before buying a renters insurance policy:

• Whether you just want to insure your possessions that stay within the rental property; or
• Whether you also want to insure for personal effects – or possessions you regularly take out of the house; e.g. your pushbike, handbag, laptop or tablet.

What do I need to remember before buying renters insurance?

Rather than assume that your renters insurance offers automatic protection for your contents, it’s better to have all bases covered by going through the checklist below before choosing a suitable policy.

• Consider adding valuables to your policy. You might need to specifically add belongings with high replacement cost, such as jewellery, artworks and designer furniture, to your policy, or insure them separately. Bear in mind, though, that this will most likely affect the cost of your renters insurance, increasing your monthly premium.

• Calculate the costs. You will need to determine your possessions’ monetary value. There’s a range of handy online calculators available to help you with this task. Once you’ve worked out the numbers, you can compare contents insurance policies to determine which one accommodates your needs.

• Your postcode matters. For example, when you’ve moved to a new area, you might not initially realise that your house could be in a danger zone. Generally, if you rent in an area with a higher crime rate, you pay more premium than the residents of ‘safer’ suburbs. The amount of your premium may likewise depend on the replacement value of your insured belongings.

• Consider insuring whitegoods. Chances are you will be bringing your household appliances into your rental accommodation. This is why you might also consider looking into insuring your washing machine, fridge or air conditioner. For this purpose, you can choose a motor burnout insurance policy and ensure your electrical goods run without a hitch.

Why compare renters insurance with us?

 At comparethemarket.com.au, we compare features for a range of contents insurance policies. We make it easy by enabling you to compare them all in one place. If you live in rental accommodation, we’ve got your back in finding you the policy that suits your lifestyle.