What Renters Insurance Covers
- Theft and break-in — stolen laptop, phone, TV, jewellery
- Fire and smoke damage — all your belongings
- Storm and flood damage — check your policy for flood exclusions
- Accidental damage — dropped laptop, spilled wine on carpet (some policies)
- Items outside the home — laptop at work, phone on the street
- Tenant liability — if you accidentally damage the rental property
How Much Do You Need?
Add up the replacement cost of everything you own: furniture, electronics, clothes, kitchenware, books, sporting equipment. Most renters underestimate — a typical single person owns $30,000–$60,000 worth of stuff. A couple or family: $60,000–$150,000+.
Cost
$15–$30/month for $30,000–$50,000 of cover. Higher for inner-city apartments (higher theft risk) or flood-prone areas. Excess (the amount you pay per claim) is usually $500–$1,000.
Is It Worth It?
If all your belongings were stolen tomorrow, could you replace them out of savings? If not, contents insurance is one of the best-value insurance products available. A year's premium ($200–$360) is less than the cost of replacing one laptop.
Frequently Asked Questions
Does my landlord's insurance cover my stuff?
No. Your landlord's building insurance covers the structure. Your belongings are your responsibility. You need separate contents insurance.
How much does renters insurance cost?
$15–$30/month for typical cover. One of the cheapest and most worthwhile insurance products you can buy.