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What is renters insurance and do I need it?


Events like fires and break-ins are always stressful. But if you have to replace your belongings, it adds serious financial strain. With renters insurance such as AAMI Fire & Theft Contents and AAMI Contents Insurance, you’ll ensure your stuff is covered. You could also be covered for legal liability, in case someone’s injured at the property you’re renting.

What’s the best contents insurance for renters?

When you’re renting, there are plenty of responsibilities that sit with your landlord. But of course, insuring the contents of your home – even if they’ve insured the building – isn’t one of them. The good news is, there are plenty of options for covering what’s yours – and not pay extra to insure the building.

And before you think to yourself “this doesn’t apply to me, I don’t have many valuable things”, you may be surprised. Once you add up the cost of your furniture, clothes, electronics and so on, your belongings may be worth more than you realised!

What does renters insurance cover?

Rental insurance coverage changes from insurer to insurer, so it’s important to do your research. Luckily, we at AAMI have two contents insurance options for renters to choose from. If you want to safeguard your belongings but you’re on a budget, our Fire and Theft Contents Insurance is a great option. For cover for a broader range of events, such as floods, Home Contents Insurance is our highest level of cover for renters.

Fire and Theft Contents Insurance

AAMI’s Fire and Theft Contents Insurance is an excellent, low-cost option for renters. It covers up to $25,000 in damage or loss to your household belongings, caused by burglary or fire. This option offers ‘new for old’ replacement – meaning we’ll replace your things with equivalent new items or similar if the exact type is not available.

Home Contents Insurance

With AAMI’s Home Contents Insurance, you can get a more comprehensive level of cover for loss or damage to your contents, with Optional Covers to level up your protection. For example, let’s say you have valuable items you often take with you on-the-go, such as a smart watch. You could add these items as either specified or unspecified Portable Items to be covered outside the home as an Optional Cover on top of your 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. Certain items, such as your mobile phone or tablet, may need to be specified to be covered under portable valuables cover. If you’ve got special items that are worth over $1,000 individually, you can list them as specified portable items. You may need to pay a little more in premiums, but you’ll have peace of mind knowing they’re covered in case the unexpected happens.

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

Compare Home Insurance

Can I get renters insurance if I live in a share house with roommates?

Unfortunately, you can’t take out contents insurance to cover specific rooms in a house – you’d have to insure the entire household. If your housemates are happy to chip in, you could include their items in the valuable items list and divide the cost. Or, if they aren’t interested, just cover your things for a lower premium.

What isn’t covered by contents insurance for renters?

Since tenant insurance is contents only, it doesn’t include building insurance. Combined Home and Contents Insurance covers the house, including permanent fixtures, whereas contents insurance only covers your household goods and personal belongings. Sometimes, depending on your state’s law, this can also include fittings in a unit that aren’t legally part of the building – such as fixtures you own yourself and will take with you when you leave.

That’s why it’s such an attractive option for people renting – you’re just paying to cover your things. Find the right level of coverage to suit your needs and get an online quote now.

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Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI.