What insurance do you need when renting?

If you’re renting, there are insurance options you can buy to protect you from financial loss if your belongings are damaged or stolen.

When you are renting, it may be worthwhile considering contents insurance. It can cover any damage or loss of possessions while they’re located in your home, including things like furniture, electrical appliances, clothing, televisions, computers and jewellery.

Some people assume that their personal contents will be covered by their landlord’s insurance policy, however this is not the case. If you want to cover your personal belongings you’ll need to take out your own insurance policy.

Do you need contents insurance?

While you might not have one item that is particularly expensive, you may find that the sum of all your goods is significant. A good place to start when assessing whether or not you need contents insurance is to estimate the current value of your contents.

If there was to be a fire or robbery, could you afford to replace your essential items? If not, contents insurance could help give you peace of mind and protect you if something goes wrong.

Keep in mind that your items may not be insured at the price you purchased them for, but the current total cost of replacing all of your contents inclusive of GST.

You can use a contents insurance calculator to work out the value of your contents and estimate the amount of cover you may need.

Other insurances worth considering

Another Contents Insurance option you may want to consider is portable valuables. This insurance provides cover for portable valuable items that you typically wear or carry away from your home.

With this portable valuables option, items are covered anywhere in Australia and New Zealand.

No matter whether you’re renting or own a home, you may also want to think about:

Review the range of insurance products

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Distributed by Commonwealth Bank

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. The commentary provided from external companies that are not a member of the Commonwealth Bank of Australia Group of Companies (the CBA Group) does not represent an endorsement, recommendation, guarantee or advice in regard to any matter. The CBA Group does not accept any liability for losses or damage arising from any reliance on external companies and their products, services and material. Commonwealth Bank of Australia ABN 48 123 123 124.

Home Insurance, Landlord Insurance and Car Insurance are provided by Hollard Insurance Partners Limited ABN 96 067 524 216, AFSL 235030 (Hollard) and distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA). Hollard is the insurer of these general insurance products. Hollard is not part of the CBA Group. CBA does not guarantee the obligations or performance of Hollard or the products Hollard offers. Neither CBA, nor any of its related bodies corporate accepts liability or guarantees payment of any claim or benefit in respect of these general insurance products issued by Hollard. CBA may be paid a commission if Hollard issues you with a Home, Landlord and/or Car Insurance policy. Details are provided in the Financial Services Guide (FSG) by clicking on the link, or by calling 13 1361 for a paper copy.

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This information has been prepared without considering your objectives, financial situation or needs. Before making any decision about this product you should consider this information in relation to your own circumstances. A Product Disclosure Statement (PDS) is available at all Commonwealth Bank branches, by downloading them from commbank.com.au or by calling 13 1361 and should be considered before making any decisions about this product. You should also read the Premium, Excess and Discount Guide (PEDG), Key Facts Sheets (KFS) and Financial Services Guide (FSG) by clicking on the links, or by calling 13 1361 for a paper copy.