While many people think insurance is only for those who own their home, ensuring your valuable belongings are protected while you’re renting is just as important.

Renters insurance, also known as contents insurance, gives you coverage to repair or replace your belongings if something were to happen.

You may be thinking, isn’t that the landlords job? Well, not exactly. While it’s generally your landlord’s responsibility to protect the building and any contents within the property that they own, you are responsible for covering your own contents.

That means if, for example, an electrical fault starts a fire and your furniture, whitegoods, electrical appliances, clothing, and other possessions are damaged or burnt, the landlord is generally not obliged to cover the damage to your contents. 

Taking out contents insurance can help cover big-ticket items such as electrical appliances and furniture, as well as anything of value to you such as jewellery, clothing, and electrical equipment.

The cost of contents insurance takes into consideration a few factors, the main one being the value you place on the belongings you are insuring. The higher the allotted replacement cost, the higher your insurance will typically cost.  

TIP: Different policies may have sub-limits on specific categories, for example $2,000 for jewellery – if you want to be covered for more, you might need to specify individual items.

Insurers could also look at other characteristics, such as the suburb you live in and how secure the property is. An area that has lower crime rates, or a home with a security system will likely result in lower premiums.

If you live in a share house, you could consider getting a policy that covers everyone’s belongings and split the cost. If you’re housemates aren’t up for that, you can always get an individual policy to cover just your items.

No matter your living situation, there are a broad range of policies available. If you haven’t already, find out more about Contents Insurance and protect your valuable belongings today!


This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536. Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. Consider the Product Disclosure Statement, available on our website or by calling 1300 362 216, to see if the product is right for you. You should read the PDS and all policy documentation for all the conditions, exclusions and limitations of this policy that limit or exclude cover.