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One of the great things about renting is that most of the responsibility rests with the owner of the property if things go wrong, and you don’t need to worry about using your own money for the property’s maintenance (depending on your tenancy agreement, of course!). But just because you don’t own your home, doesn’t mean you should ignore insurance.

It’s important to remember that where you live is likely filled with your belongings; whether that’s furniture, appliances, or clothing. So, here are some reasons why contents insurance can be helpful for renters to have, and how you can make sure you’ve got the appropriate level of cover for your needs.

Do you need contents insurance?

As we mentioned above, generally the stuff inside your home is yours and not your landlord’s responsibility. The property owner will likely have buildings or landlord’s insurance in place, so that their investment is protected but what you bring into the property is your responsibility as the tenant.

For example, if there was storm that damaged the roof and meant that the ceiling of your bedroom fell in, the property owner would generally be responsible for structural repairs to the building but would have no obligation to replace your damaged items. The last thing you want is to find yourself underinsured, or not insured at all, if your possessions have been lost, damaged or stolen.

Things to consider when it comes to contents insurance

As soon as you rent a property, you may decide to get contents insurance in place. Even if you don’t own anything particularly valuable, you may underestimate how much everything would cost to replace. Clothes, furniture, electrical goods, and appliances can all add up, especially if you had to replace them all at once. Before settling on the amount you want to be insured for, take an inventory of all your possessions, and estimate how much it would cost to replace them.

If you have certain items of value, such as jewellery or tech equipment, make sure you let your insurer know about these individual items and their value. These items may need to be added on to your policy separately. Be sure to hold on to proof of ownership such as receipts or take photos of your more expensive possessions to make the process much easier should you need to make a claim.

Remember, if you had insurance at one rental property and move to another, you’ll need to speak with your insurer and change over the policy address. Bear in mind that if you’re sharing with housemates your belonging won't be covered on any policy they may hold, unless you're named on it. If you all want to have your own possessions insured, you can hold your own policies or purchase a joint one.

Top Tip!
Contents insurance through P&N Bank covers the cost of repairing or replacing the belongings you keep at home if they're damaged or lost in one of the ‘insured events’ covered by your policy. Always ensure that you read the PDS when you’re considering which policy to choose so you know what events aren’t covered, and what items may not be covered.

Things to consider when purchasing insurance cover

We get it. Insurance can be a cost that’s easily overlooked when you’ve been so focused on finding somewhere to live in a tight rental market, so here are three things to bear in mind:

  1. Ensure you’ve valued your belongings thoroughly and accurately. If you over-insure, you’ll end up paying more than you need to. If you’re under-insured, you could be out of pocket at claim time.
  2. Think about the excess. If you’re happy (and will be able) to pay a larger excess amount at claim time, then your policy premium may be lower. Consider whether you want to pay less when you purchase your cover or at claim time.
  3. Not taking out insurance or cancelling your contents cover to try and save some money could turn out to be very expensive if you end up having to replace your belongings.

P&N Bank has three levels of cover for you to consider when looking for contents insurance. That means you may find the cover that suits your needs and budget. If you need more help, chat to our team by calling 13 25 77 or visit your nearest branch.


Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701 acts under its own AFSL and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice provided is general advice only and does not take into account your personal objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Product Disclosure Statement and Target Market Determination from CGU Insurance.