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What is renters insurance and do I need it?

By  AAMI

Think of renters insurance as a way you could cover your stuff if you’re a tenant. You may not think you have much to cover but think again! A laptop, smartphone, and LCD TV can quickly add up to over $3,000. That’s a lot to lose if an uninvited guest comes-a-knockin’.

Not only can it help you cover your stuff against theft with renters insurance, it could help you cover the cost of repairing or replacing your belongings if they’re lost or damaged. Think Saturday night Twister gone wrong or, polished floorboards that become an ice-skating rink after one or two cocktails

So there’s a lot at stake when it comes to your tenancy. There are typically two types of renters insurance to help cover you. They are:

  1. Fire & Theft Contents Insurance
  2. Home Contents Insurance.

1. Fire & Theft Contents Insurance

AAMI’s Fire and Theft Contents Insurance covers up to $25,000 in damage or loss  to your household belongings caused by a fire (including bushfire) or theft. Like most AAMI Insurance policies, this option offers ‘new for old’ replacement too – meaning we’ll replace your things with new items, or similar if the exact type isn’t available.

You might want to consider this option if you just want the bare minimum covered.

2. Home Contents Insurance

Covers damage or loss caused by events such as flood, storms, bushfire and earthquakes. If you’re willing to pay more for extra cover, Home Contents Insurance also offers a few optional extras, like cover for high-value items such as jewellery and art, and extra cover for portable valuables  For example, let’s say you have valuable items you often take with you on the go, such as a laptop and smartphone. You could add these items as specified Portable Items to be covered in Australia or New Zealand as an Optional Cover on top of your Home Contents Insurance.

With eligible unspecified portable items, you can get up to $1,000 per item and a maximum of $5,000 for a group of items under your chosen cover. If you’ve got special items worth more than $1,000, you can list them individually as specified portable items. Of course, you may need to pay a little more in premiums to cover portable items.

Need more information? Compare contents insurance online or check out our Product Disclosure Statements (PDS) for the nitty gritty details.

Get a Home Contents Insurance quote

Can you get renters insurance if you share a house with roommates?

Unfortunately, you can’t take out contents insurance to cover specific rooms in a house – you have to insure the entire household. You may find your housemates are happy to chip and get your entire household covered. You could just divide the cost in this case.

If not, you can think about covering your own contents for a lower premium. You’ll still have to insure the whole address in this case.

What isn’t covered by Contents Insurance for renters?

Since tenant insurance is contents only, it doesn’t include building insurance (something your landlord will typically get). Combined Home and Contents Insurance covers a house, including permanent fixtures, whereas Contents Insurance only covers your household goods and personal belongings.

Sometimes, depending on your state’s law, Contents Insurance can also include fittings in your rental that aren’t legally part of the building – like those venetian blinds you plan on taking with you when you leave.

That’s why Contents Insurance is such an attractive option if you’re renting – you’re just paying to cover your things in contrast to an entire building. Find the right level of coverage to suit your needs and receive an online quote now.

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Explore AAMI Contents Insurance

If you’d like to learn more about AAMI Contents Insurance, you can contact us, or check out the relevant PDS for more information on what is and isn’t covered. If you’re in a hurry, you can get an AAMI Contents Insurance quote online today.

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Insurance issued by AAI Limited ABN 48 005 297 807 trading as AAMI. Consider the Product Disclosure Statement before making a decision about this insurance. The Target Market Determination (TMD) is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.