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Do you need contents insurance as a tenant?

Do you have the right insurance for your possessions? It’s an area you’ll need to think about┬ábecause you won’t be included in your landlord’s cover.

If you’re renting you’ll want to make sure that your belongings are protected. However insurance can be a tricky area when you’re a tenant, as a landlord’s policy will cover some things, while your personal contents insurance will cover others.

Landlord’s insurance will cover the home itself – so if there’s a fire that damages the property, this will be covered. What the landlord’s policy won’t cover is your personal possessions like clothes, computers and homeware – this is what your personal contents insurance will need to cover.

With about 23 per cent of Australian households not having contents insurance, according to the Australian Bureau of Statistics, it’s an area you need to be across. Fire, theft or accidental damage can all leave you with a big replacement cost to manage, even if you think your possessions aren’t worth a huge amount.

You’ll also want to make sure you aren’t underinsuring yourself. A policy offering $20,000 of cover might sound like a lot, but if you needed to replace your entire wardrobe as well as computers, TVs and electrical equipment, that may not be enough.

If you’re making big purchases, this could also push you over your contents limit, so keep your insurance cover in mind any time you buy something big that could push you over your limit.

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