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

With this portable contents insurance, items are covered anywhere in Australia and New Zealand. They are also covered for the first 30 days of travel per trip anywhere else in the world.

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

Explore a range of insurance products

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This article provides 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 personal financial product advice. The views expressed by contributors are their own and don’t necessarily reflect the views of CBA. As the information has been provided without considering your objectives, financial situation or needs, you should, before acting on this information, consider what is appropriate for your circumstances, and where appropriate, consider the relevant Target Market Determination, Product Disclosure Statement and Terms and Conditions available on our website. You should also consider whether seeking independent professional legal, tax and financial advice is necessary. Every effort has been taken to ensure the information was correct as at the time of publishing but it may be subject to change. No part of the editorial contents may be reproduced or copied in any form without the prior permission and acknowledgement of CBA.