Renters Insurance

Here’s a closer look at how Renters Insurance could help to protect from damage and/or loss to certain belongings.

Before deciding on a policy, ensure you review the Product Disclosure Statement for information on policy inclusions, limitations and exclusions.

What is Contents Insurance for renters?

Contents Insurance can help provide protection against damage and loss to personal items in your home. You may even be able to add on additional cover to protect some valuable items when they’re away from the home with you (review the Product Disclosure Statement for this information).

Contents insurance while renting

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

According to Australian Securities & Investments Commission (ASIC) Contents insurance can help cover some of your valuable belongings against damage and loss, subject to the defined events and limits of your policy policy. According to ASIC, this can include:

• Burglary
• Fire
• Any accidental event

Always read over the terms and conditions and Product Disclosure Statement 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 can be covered?

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

However, bear in mind that it’s your responsibility to keep your receipts and to determine the correct replacement value for your items. In some cases, this may involve nominating specific items on your policy.

Are there different types of Contents insurance?

While all Contents insurance policies are designed to do one thing – protect the contents in your home – not all contents policies are the same.

In some cases there will be options to add extras for a higher premium. For example, some of the additional options may include 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.
• Nomination of Specific Items. Most policies will have policy limits for some more expensive items, such as jewellery, and will require you to nominate those items on your policy.

 

What is Home insurance?

Home insurance differs from Contents insurance in that it’s designed to help cover the cost of repairing, rebuilding or replacing the building itself which is generally the responsibility of the landlord.

In the market for a Contents insurance policy?

Compare from iSelect’s range of home & contents policies and providers*.

*iSelect General Pty Ltd ABN 90 131 798 126, AFS Licence Number 334115. iSelect does not compare all home and contents insurers or policies in the market.  The availability of policies may change from time to time. Not all policies made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all policies compared by iSelect will be available to all customers. Some policies are only available from iSelect’s call centre or online.  We receive a commission for each policy sold through iSelect.

Any advice provided by iSelect on this website is of a general nature and does not take into account your objectives, financial situation or needs.  You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy.  You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. iSelect receives commission for each policy sold.

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Last updated: 4/12/2019