Guide to insurance for renters
Some renters might think that their possessions aren't worth all that much.
Truth is, renters might be surprised about how many items they own and their cumulative value, especially after Covid-19 lockdowns where new ways of living, such as working from home, have become ingrained.
What many new renters may also be unaware of is that in the event of something unexpected such as fire, storm, or theft, their landlord’s insurance won’t always cover their possessions if they need to be replaced.
For renters, that means living essentials such as a couch, bed, dining table and clothing are all not covered and at risk if they don’t have their own home insurance – not to mention valuables and sentimental items such as jewellery.
“The unexpected, like fire and storm damage, can happen. And when it does happen to renters, they may discover that they’re not covered by the landlord,” explains Kirsty Hayes, Head of Home Insurance at RACV.
“New ways of working and living stemming from the Covid-19 pandemic are causing renters to not only spend more time at home, but also invest in new contents to make life more comfortable, which may leave them open to greater financial loss without adequate insurance coverage.”