What is Renter's Insurance?

Take one look around your home, and it’ll be pretty clear how much you’ve accumulated over time. The belongings you have now, such as your furniture, clothes, electronics, linen and kitchen items, weren’t bought overnight, so if they were all to be destroyed by a fire in your building, it would be expensive and time consuming for you to replace them all at once.

Renter’s Insurance (also known as Contents Insurance) has been designed to help renters protect their belongings, assisting with the cost of replacing them if they’re damaged by certain unfortunate events like theft or fire.

Why do Renters need insurance?

Events such as theft and fire can occur without any warning. If you do experience incidents like these, you’d probably be quite distressed, so the last thing you’d want to have to worry about in that situation is figuring out how you were going to re-build your life up again from scratch. Your landlord might already have their own insurance to repair the property itself, but their insurance won’t cover the cost to repair your belongings. And remember, your contents are more than just ‘things’… they all have memories, purpose and stories attached to them, so having them covered adequately will ease your burden of replacing them if you suffer an event.

What does Renter's Insurance cover?

Storm & Other Weather Event

Renter's Insurance may cover the cost to repair or replace your contents if they’re damaged by a storm or flood, rainwater, wind, lightning & thunder bolt. For example, if a severe storm made an opening in your home, damaging your television, Renter's Insurance would cover the cost to repair or replace your TV.¹

Theft & Attempted Theft

Renter's Insurance may cover the cost to replace your items if they’re stolen. It’s common for thieves to target valuables like jewellery and electronics like you tablets, laptops and TVs, so if these were all stolen in a burglary, the cost to replace them would be a big burden on your finances.¹

Accidental Damage

This is sometimes available as an optional extra on Renter's Insurance policies, and may cover the cost to repair damage unintentionally caused by you. Examples include spilling red wine on your fabric couch; or dropping your smartphone in your toilet.¹

Fire

If there is a fire in your home which destroys your contents, Renter's Insurance may also cover the cost to replace your contents. This doesn’t just include bushfire, but also fires ignited from sources within your own home, such as heaters; faulty wiring or electrical blankets.¹

Water or Liquid Damage

The cost to repair damage caused by water or other liquid leaks may also be covered under Renter’s Insurance.¹

Other Events

This insurance can help cover the cost to repair damage caused by:
- Impact Damage
- Landslide or subsidence (including earthquake)
- Riots or civil commotion
- Vandalism or malicious act.¹

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FAQs

Frequently Asked Questions

Here are some questions commonly asked by other Renters.

What is the difference between landlord insurance and home insurance?

Your landlord is only responsible for taking out insurance to cover their property, so if an insured event caused damage to your own belongings, their insurance will not cover this. For your own items to be covered, you’ll need to take out Renter's Insurance. To demonstrate an example, say there was a fire in your home, which damaged the interior fittings, as well as your furniture and rug – your landlord’s insurance would only cover the cost to replace the interior fittings that form part of the property. So unless you had your own items covered under contents insurance, you would be left to replace your furniture and rug out of your own pocket.

How much does Renter's Insurance cost?

The cost of Renter's Insurance will depend on a number of factors. These include your address, the type of dwelling you live in, your sum insured, the security on your property, your claims history and more. We recommend going through the quote process to help you get an indication of price.

Is Renter's Insurance the same as Contents Insurance?

Renter's Insurance is a similar type of insurance to the ‘Contents’ component of Home Contents insurance, which provides cover for belongings inside the home.

Explore more FAQs

What do I need to do to make a claim under Renter's Insurance?
To make a claim, you will need to contact your broker and explain what has happened. You will most probably be asked to list the items which have been damaged, how much they’re worth, and provide proof of the damage. If there has been a burglary, you’ll need to provide a police report reference number. You’ll also be asked to provide some form of proof of ownership of the items. The insurer will then determine whether to repair or replace the item(s), or pay you the cost to repair or replace them.

What proof of ownership should I maintain of my items?
Proof of ownership can include (but are not limited to) receipts, packaging/boxes, photos of the items, and bank and credit card statements.

How do I work out how much to insure my contents for?
You’ll need to conduct a thorough inventory of your home and work out roughly how much everything is worth. Remember to calculate the value based on new-for-old replacement. You might find it easiest to do this one room at a time. For some categories like clothes, you may need to make a realistic guess as it would be hard to add up the individual value of each item.

Why choose Aon for Renter's Insurance?

Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why; helping give you confidence that you’re making a better decision for you and your business.

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¹Subject to full policy terms, conditions and exclusions.