Guide to insurance for renters

Parents hugging their toddler and smiling in their home

David Toscano

Posted January 19, 2022

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.” 

Insurance tailored to the needs of renters 

Nowadays, a great way for renters to protect their possessions is take out RACV Renters Insurance, which provides contents cover specifically suited to renters.  

A key inclusion of the RACV Renters Insurance policy is temporary accommodation if a rental property is unliveable following an insured event. 
“This feature is particularly beneficial for families that might need to quickly find alternative accommodation in case of a fire, flood or storm event, for example,” says Hayes. 
“Costs associated with temporary accommodation such as hotels or Airbnb properties can quickly add up as repairs are carried out to a damaged rental property.” 

Splitting the cost of renters insurance among tenants

While many renters choose to live solo, renters insurance is also for share houses. 

In fact, RACV Renters Insurance allows share houses to add all tenants and their contents, to the same policy. 
This enables tenants to split the monthly or yearly cost of RACV Renters Insurance in the same way as other utility bills such as water, electricity and gas, and even streaming services such as Netflix. 
“Unexpected events such as fire or flooding can often impact the contents of an entire share house, so it’s prudent to ensure that all housemates are covered,” says Hayes. 
“Those living in a share house can choose to take out a RACV Renters Insurance policy which protects the contents of all residents, when all residents are listed on the policy, and then split the cost.” 
“The cost of RACV Renters Insurance is a small price to pay for peace of mind in case an insured event occurs,” Hayes concludes.

Safeguard yourself from financial loss with RACV Renters Insurance.
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1. Terms, conditions, exclusions, and limits apply - see your PDS for details. If you’re renting the home (a tenant), we pay the reasonable extra rent costs for temporary accommodation for the time it takes to rebuild or repair or for up to 12 months from when the listed event took place.

This is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances, the relevant Product Disclosure Statement and Target Market Determination. For copies visit

Products issued by Insurance Manufacturers of Australia Pty Limited ABN 93 004 208 084 AFS Licence No. 227678. As distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed.