8th July 2016

Did you know, Tenants contents are NOT covered by any Insurance a landlord may have?

Did you know, Tenants contents are NOT covered by any Insurance a landlord may have? 

An Introduction to Home and Contents Insurance for Tenants.

Home and contents insurance is an important part of minimising the risk that your property or possessions may be damaged or stolen. It is important to understand that the type of home and contents insurance you have differs slightly if you are an owner-occupier, renter or landlord.

Basically Home Insurance covers the physical building and Contents Insurance covers the finishes and other "stuff" inside, like your furnishings, clothing and electronics. Residential Tenants are not responsible for insuring the physical building or fixtures like an oven or carpet.

Some tenant's mistakenly believe their contents are covered by landlords insurance. Landlords are NOT responsible for insuring tenant's contents and their insurance does not cover your contents.

You should also not take out insurance for the physical property. It is prohibited by law to require tenants to take out any form of insurance, so it is totally your choice.

If you are renting a property you should consider protecting your belongings against things like fire or theft. You can get insurance to cover your furnishings, clothing and electronics against loss, theft or damage. The cost or premium may depend on the belongings you choose to insure, calculated on the replacement value of those items. If you are unsure how much your belongings are worth, the Insurance Council of Australia has an online calculator that you can use as a guide.

You can try a comparison website like CompareTheMarket.com.au to give you a range of quotes.