Renting is no excuse not to be insured – CityMag

Insurance isn’t just for the home, it’s for all of life’s accumulated stuff as well.

Seven years ago, Hollee moved out of home and began life as a renter.

During that time, the 24-year-old has amassed a significant amount of valuables.

“I’d consider myself an Apple product hoarder,” says Hollee, who lives in the city’s south.  “I also own similar items like coffee and camera equipment.

“All of it holds not only financial value but also sentimental value, for sure.”

Hollee admits it would be “really financially difficult” to replace these valuable possessions in the event of a break-in or home-based disaster because she doesn’t currently have insurance on her contents.

But she is not alone. An Insurance Council of Australia survey released in 2019 found 74 per cent of renters did not have contents insurance, while 80 per cent believed they may be underinsured.

“I mean, because I’ve lived out of home since a young age, I haven’t really had the capacity to think about extra expenses like this,” she says.

“I’ve also largely been under the assumption that it was a service I could only access if I owned a home.

“No one really teaches you about this stuff. I think I’ve always viewed contents insurance as a sort of luxury extra and something inaccessible to me as a renter.

“It’s pretty strange, I pay for health insurance but it’s not something I worry about daily and yet I don’t have insurance for other parts of my life.”

Hollee says starting the process of insuring her valuables seems like a daunting task, and she says the case is similar for most of her friends who also rent.

“It’s not really something that’s spoken about heaps, and I can afford it now, but I wouldn’t even know where to start.”

RAA retail sales consultant Jessica says this is a similar story for most young renters who don’t factor in insurance when they rent a property.

“Some people say ‘I’m renting, I’m not concerned about my contents’, and that’s something I commonly get,” Jessica says.

“Often people start buying furniture for the house they are saving for. In the event of a fire or another insurable event it can be a lot of money to have to buy it all again.”

Jessica says it’s important for renters to ask what’s available within their insurance coverage, including inside and outside the home, and the limit and exclusions on what they want to protect.

“RAA Contents Insurance covers your items for certain insurable events, such as fire, inside the home; from furniture and appliances, to personal items like laptops, phones, tablets, cameras or even clothes,” Jessica says.

“You can also choose to take out optional extras like Accidental Damage Cover with your RAA Contents Insurance too, which covers you for accidental damage to contents inside the home as well as damage, loss or theft while you take those items outside the home.”

RAA’s optional Accidental Damage Cover can cover you for up to $2,000 or $5,000 depending on which cover you select, Jessica says. It is important to choose the right level of cover for you.

She stresses Accidental Damage Optional Extra Cover also covers if your bike is stolen outside the home, provided it’s not in use.

“Bikes wouldn’t be covered while they are in use and the person is riding them, but they would be covered if you have it stolen while it’s locked up outside a café,” she says.

“If you’re vacuuming the house and you knock over your expensive TV, you can claim that on insurance if you have taken out optional Accidental Damage Cover with your Contents Insurance with RAA.”

“It’s a small price to pay for your own peace of mind.”

For more information on the insurance options available to you, visit the RAA website.

Find out more about home and contents insurance by visiting

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