Aussie Renters Insurance

Renter's insurance provides coverage to an individual living in a rented dwelling, apartment, or other location that is owned by someone else.

A rental insurance agreement is much like a home owner's policy. The main difference is that the property itself is not covered since renters do not own the building they live in. The insurance covers the loss of personal contents and public liability within the dwelling but not the dwelling itself.

Rental insurance policies typically cover loss of property due to fire, natural disaster, theft, or vandalism of the renter's possessions. Policies usually also offers protection against liability in the event that someone is injured within the rental property itself.

When insuring your contents it is important to consider the overall coverage amount you require. How much would it cost you to replace everything you own in the case of a fire? This includes all of your furniture, white goods, electrical, clothes, kitchen items, outdoor items, tools and consumables. Estimates vary, but some say up to 80% of Australians are underinsured.

Also consider the excess payable if you need to make a claim. This can vary considerably and some insurers will allow an extra premium to be paid in order to remove or reduce the excess.

Investigate and compare the insurers and policies closely. There can be a wide variance on what is on offer. It is important to read the policy fine print and there is a great deal of variation between policies. For example, not all insurance policies cover flood damage, though most will cover loss caused by rainwater runoff. It is a good idea to shop around and make an informed decision on what you will be covered for and not a decision solely based on the overall price. Other policy advantages may include 'new for old' replacement of items.