I’m a Tenant, do I need insurance?

I’m a Tenant, do I need insurance?

As a tenant, it’s easy to fall into the trap of thinking that because you do not own the property, you don’t need insurance of any kind.

Although the property owner is responsible for insuring the physical structure, as a tenant you are responsible for insuring your own belongings and having coverage for any damage that may be caused to the property through your actions.

It is quite common for tenants to incorrectly believe they do not need insurance and end up not insuring their belongings at all, or they underestimate how much their belongings are actually worth and are caught out if something goes wrong.

It has been estimated the average nominated value to cover contents is approximately $50,000.  This of course may vary based on the quantity and quality of the items you wish to insure.

It is important to note that if you take out contents insurance, it will only cover your belongings and not those of your housemates or anyone not listed on the policy.

There are various levels of cover available for tenants.

If you choose a higher level, you will be covered for a wider range of events and it may also provide you with assistance to cover legal or medical costs if someone injures themselves when visiting your rental property. 

As with any insurance, it is wise to read through the product disclosure statement to see exactly what is covered.

If further clarification is required as to your tenant responsibilities in this instance, please contact our Property Management Team on 3480 4200.