Contrary to perception, renters insurance doesn’t cover everything you own. Standard contents insurance policies will offer you financial protection against:

  • Accidental leakage
  • Fire; and
  • Theft.

And that’s pretty much it. However, other rental insurers might offer a different level of cover including:

  • Explosions: if your rental accommodation has gas or you’ve brought a gas BBQ with you, explosions cover could definitely be something to consider.
  • Water damage: severe contents damage can stem from something as trivial as an overflowing bathtub, sink or toilet to a leaky washing machine or dishwasher.
  • Vandalism: while a lot of the time vandals will target the exterior of a property, your possessions that you might keep outside, like your outdoor furniture or your bicycle, could also fall victim to damage.
  • Natural disasters: many residential areas are vulnerable to bushfires and floods, while some seaside suburbs are prone to the risk of erosion. While many policies cover for flood, most will also include the tsunami or earthquake cover.

You can also get renters insurance extras against the loss, theft or damage on:

  • Jewellery: family heirlooms are often our most treasured possessions. If you keep expensive watches at your place, you might also look into getting them covered separately.
  • Clothing and accessories: expensive designer brands are a prize catch for thieves, so they’re well worth insuring against burglary.
  • Furniture: designer, antique or bespoke, furniture is a domestic necessity for all of us. This is why you’ll need to talk to your insurance provider if you want to get separate cover for your furniture.
  • Electronics: e.g. computers and home audio: given their high popularity among consumers, it’s hardly surprising that home electronics are also a prize item for the thieves.
  • Your music/DVD collection: if you have a record or film collection, you’ll probably be aware of rare titles being targeted by profit-savvy thieves.

Renters insurance also covers you from legal liability should a visitor accidentally trip over and injure themselves at your place.