A renter's guide to Contents Insurance

When you're renting, it is often your personal belongings that turn your apartment or house into a cosy home. Learn more about contents insurance for renters, including what is covered, why it is so important and why you might need it.

What is renters' contents insurance?

Contents insurance for renters can help cover your belongings against insured events should they be damaged or stolen while you are renting. ANZ Home Insurance helps protect your belongings whether you are a homeowner or a renter.

When you apply for contents cover, you will need to nominate the 'sum insured' for your contents. This amount should be the cost to replace all of your contents at today's prices, if they were stolen or destroyed.

What items can be covered under contents insurance for renters?

Household items that may be covered under contents insurance for tenants includes things like:

• Electronics such as your TV
• Valuables, including jewellery, your engagement or wedding ring and watches 
• Whitegoods, such as fridges, freezers, washing machines and dishwashers
• Furniture, such as couches, chairs and tables
• Household tools not used to make an income, such as a cordless drill, sewing machine or lawnmower
• Medical equipment, including hearing aids, sleep apnoea machines and prescription glasses. You should also speak to your Health Insurer as they may cover these items 
• Clothing and accessories, including dresses, shirts, shoes and handbags
• Sporting and exercise equipment, such as bicycles, surfboards, golf clubs and tennis rackets, and
• Artworks, such as paintings and sculptures.

Each provider's contents insurance cover is different and may have limits or exclusions on certain items. You should read the ANZ Home Insurance Product Disclosure Statement – issued by CGU Insurance and all policy documentation for more detail regarding ANZ's contents insurance cover.

Are my portable items covered for loss or damage outside my rented home?

Portable items may not automatically be covered by your contents insurance when you take them outside your home. However, this type of cover may be available for an additional premium. Refer to the ANZ Home Insurance Product Disclosure Statement – issued by CGU Insurance for more details.

ANZ Home Insurance gives you the option to cover your portable valuables – such as your mobile phone, watch or laptop – if they are stolen or accidentally damaged when you're out of the house. Read the ANZ Home Insurance Product Disclosure Statement – issued by CGU Insurance to find out more.

Are my contents covered if I put them in storage while I’m renting?

You may be able to claim for cover for loss or damage to your contents while in storage, but some types of items (e.g. jewellery, works of art and computers) may be excluded, so it’s best to check with your insurer.

ANZ Home insurance offers cover for some household items if you tell us:    

• that your general contents are in storage before they are put into storage
• the value of the items
• the date the items will be placed in, and removed from, storage, and
• the address where the items are stored.

However, the insurer must first agree to insure the items in storage, and show a ‘Contents in storage’ Sum Insured on your Certificate of Insurance. For limits and exclusions please read the ANZ Home Insurance Product Disclosure Statement – issued by CGU Insurance.

Why should I consider taking out contents insurance as a tenant?

If you are renting, your landlord is responsible for insuring the building and any contents at the property that are owned by them – such as the carpet, curtains or blinds. It's important to know that your personal belongings are not covered by your landlord's insurance, and to help protect these you will need your own contents insurance cover.

When you're renting a property, you're just as likely as a homeowner to be caught in a freak storm or be impacted by theft. If your personal belongings are damaged, destroyed or stolen, contents insurance can help with repairing or replacing them quickly.

Let's say you're uninsured and renting an apartment and a pipe breaks somewhere in the building. Your apartment gets flooded and your furniture, including your rugs, couches, chairs and tables are damaged or ruined. Your landlord may be covered by their building insurance and/or strata insurance for damage to their property, but your belongings may not be covered. If you don't have any contents insurance of your own, it means you will need to repair or replace your damaged furniture at your own cost.  

This problem may be even more complicated if you've just started your renting journey and are living with a flat mate. You will want to ensure that your personal possessions are covered if disaster strikes. In this situation, you may consider taking out your own policy cover your individual items. 

Alternatively, you and your flatmate could apply for a shared policy together. Be sure to check with your insurer to see if the number of people you are living with affects your cover.

What does ANZ Contents Insurance cover you against?

ANZ Home and Contents insurance can help protect your belongings should they be damaged, lost or stolen while you're renting. Below are some of the ways your contents can be protected - subject to terms and conditions of the ANZ Home Insurance Product Disclosure Statement – issued by CGU Insurance.

Included benefits

• Damage caused by natural events, such as bushfire, flood, cyclone, earthquake or storm.^disclaimer
  If the home you live in is destroyed by a fire, flood or storm along with your personal belongings, you can be covered for your personal belongings up to the sum insured noted on your policy, and any other additional benefits you are eligible to claim for.
• Accidental breakage of glass, such as mirrors and other glass items like glass in furniture.
  If you fall over and accidentally break your glass coffee table, this can be covered under your contents policy.
• Theft or attempted theft.^disclaimer
  If your property is broken into and your laptop, mobile phone and clothing are stolen, these items can be covered.
• Electrical motor burnout (motor up to 15 years old).^disclaimer
  If the electric motor in your washing machine burns out, the cost of a repair or replacement can be covered.
• Accidental loss or damage at home (contents)
  If your child decides to play indoor soccer and accidentally breaks your television, this can be covered under your contents policy.    

Optional benefits

The below optional benefits can be included in your ANZ Home Insurance policy for an extra premium:

• Portables Contents cover.^disclaimer
  • If you're traveling outside of Australia e.g. in Europe, and your bag containing your mobile phone, and clothing is stolen, the cost of replacement can be covered up to the limits described in the ANZ Home Insurance Product Disclosure Statement (PDF).
  • If you're travelling in Australia and accidentally lose or damage your belongings, you can be covered up to the value of the sum insured noted on your Certificate of Insurance, subject to any applicable limits described in the ANZ Home Insurance Product Disclosure Statement (PDF).
• Valuables contents - inside your home.
  If your house is broken into and your engagement or wedding ring is stolen, you can be covered up to $10,000 for any individual item of valuable contents if you have chosen cover for the relevant group of valuable contents, in this case, the ‘Jewellery and Watches’ group, unless it is specified separately on your Certificate of Insurance for a value greater than this. If you have not specified cover for the 'Jewellery and Watches' group of valuable contents, or you have not chosen the 'Valuable Contents – inside Your Home' optional benefit, the jewellery can still be covered but only up to $2,500 per item, pair, set, or collection

Check if you have the right insurance as a renter

When renting, don't run the risk of losing your valued belongings. Here's a quick checklist to help you make the right decision for you:

• When you apply for contents cover, you'll need to nominate the replacement value of your contents at today's prices. This is the ‘sum insured' and it's the maximum that your insurer will pay you out for your contents. Note that some insurers may provide some cover above this amount, and there may be additional benefits paid on top of your sum insured.
• Review your insurance policy to see if your ‘sum insured' is enough for you. A failure to adequately insure your possessions for their replacement value could result in underinsurance. If you're unsure, there are tools available online that can help you estimate the replacement cost or seek the appropriate professional advice.
• Review what is and isn't covered in your policy (including conditions and limits), and decide if you're satisfied that your needs are met, and risks are covered. It's important to consider how where you live in Australia may affect the sort of cover you need. For example, if you live in a bushfire or flood prone area it is important to ensure that you have the right coverage to help protect what is important to you.
• Also consider optional benefits, such as valuables cover and away from home cover.
• If you need a new policy or to update what you have, consider ANZ Home Insurance.

We're here to help

What's more, there is a simple claims process with the product issuer, CGU Insurance (CGU). With round-the-clock claims lodgement support from CGU, help is available when you need it.