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What insurance do you need when renting?

What insurance do you need when renting?

If you’re renting, there are insurances you can buy to protect you from any financial loss that can occur if there is damage to your belongings or they’re 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 CommInsure’s 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:

Home Insurance is provided by Commonwealth Insurance Limited ABN 96 067 524 216 AFSL 235030 (CIL). CommInsure is a registered business name of CIL. CIL is a wholly owned non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (The Bank). The Bank does not guarantee the obligations or performance of CIL or the products it offers. This information is provided by CIL and where we refer to ‘we’ and ‘our’, we mean CIL. This information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances. A Product Disclosure Statement (PDS) is available at all Commonwealth Bank branches, by downloading them from commbank.com.au or by calling 13 2423 and should be considered before making any decisions about this product. You should also read the Key Facts Sheet (KFS) and Financial Services Guide (FSG) by clicking on the links, or by calling us on 13 2423 for a paper copy.