Insurance Energy Finance Fuel Travel Meerkat Mondays NEW Compare Home & Contents Insurance Home Owner Tenant Get Started Renters insurance to cover the contents of your rental home Need renters insurance? We’ve got your back. Simples. Home > Compare Home and Contents Insurance > Renters insurance to cover the contents of your rental home Home & contents information Types of home insurance Landlord insurance information Renters insurance information Guides What is renters insurance? Renters insurance is a term for contents-only insurance for renters which offers a financial safety net against specific events, such as theft of, or unforeseen damages to, your belongings and valuable items. Some possessions that you can cover with contents insurance include furnishings, clothing, jewellery, portable items such as mobile phones and home electronics like laptops. If you’re renting, you don’t need to worry about home building insurance, as this is the responsibility of the landlord. Without contents-only insurance cover, you’ll have to foot the costs associated with repairs, accidental loss or replacing your belongings should anything happen to them. This type of cover is specifically designed for people who are renting, which is a big chunk of Aussies. Find out more about the ins and outs of contents-only insurance, commonly referred to as renters insurance, how an insurance quote can help and how much cover may cost you through our comparison service. Why is renters insurance important? Contents insurance for renters is important because while your home building may be protected by your landlord’s insurance, your belongings are not. If your possessions are damaged or stolen and you don’t have contents-only insurance, it could cost you tens of thousands of dollars to replace your possessions. This might sound excessive, however, the ABS reported the mean value of property assets value of Australian dwellings at $731,100 in 2020.1 So, when was the last time you took stock of all your belongings? It’s easy to underestimate the value of the household belongings you have and therefore underinsure your contents. But would you be prepared to pay for the damages caused by a fire, flood, storm or other emergency? In 2021, the Insurance Council of Australia, (ICA) stated that 23% of Australians didn’t have insurance, or enough insurance, to cover the cost of replacing their home or household possessions.2 When taking out a renters insurance policy, which is contents-only insurance for renters, you need to make sure the sum you’re insured for is enough to replace all of your contents. Frequently asked questions How much does renters insurance cost? What does contents-only insurance cover? What does contents-only insurance not cover? What is a tenant responsible for? What do I need to remember before buying contents-only insurance? How does a renters insurance payout work? Who provides renters insurance in Australia? Meet our home and contents expert, Stephen Zeller As the General Manager of General Insurance, Stephen Zeller wants consumers to be well equipped with the understanding of their insurance coverage and to use the power of comparison to save money. While a renter’s home is often protected by the landlord’s insurance, adequate renter’s insurance can financially protect your belongings against accidents, break-ins and other damage. Stephen has more than 30 years of experience in the financial services industry. He is an Allied member of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and ensures any information about insurance products that we publish is accurate and comprehensive. Top Tips from our renters insurance experts Choosing a higher excess could reduce your premium. Making sure your landlord takes care of the property (security and roof condition) could prevent theft and storm claims. Sources Ready to look for a better deal? It’s easy to compare with us. Compare home and contents insurance About Us Privacy policy Website terms of use Who we compare Competition terms and conditions Contact Us Careers Blog Meerkats Testimonials Media centre Sitemap Financial services guide Credit guide Financial Consciousness Index Financial services guide - life insurance products Sergei's Solutions Hub Let's connect © 2021 Compare The Market. All rights reserved. ACN: 117323 378 AFSL: 422926 We do not compare all home insurers or products in the market. Any advice given above is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances, and before you make any decision about whether to purchase a product, you should read the PDS for that product. 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