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 cover your belongings against insured events should they be damaged or stolen while you are renting. ANZ Contents Insurance cover protects your belongings whether you are a homeowner or a renter.

When you take out 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, so that you have adequate cover 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 mobile phone, laptop and 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 bikes, surfboards, golf clubs and tennis rackets, and
• Artworks, such as paintings and sculptures

Each providers' contents insurance cover is different and may have limits or exclusions on certain items. So, you should read the ANZ Home Insurance Product Disclosure Statement (PDF) and all policy documentation for more detail regarding ANZ's contents insurance cover.

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

ANZ Home Insurance provides cover for your belongings within your rented home. If you want cover for 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, you can add the 'Contents cover away from home' optional benefit. This can cover your items anywhere in the world for up to 120 consecutive days. Limits and exclusions apply, so please read the ANZ Home Insurance Product Disclosure Statement (PDF) for more detail.

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

If you are renting, your landlord is responsible for protecting 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 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 to repair or replace 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 can 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 to cover your individual items. 

Alternatively, you and your flatmate could take out 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?

Contents insurance cover is available under ANZ Home Insurance and can 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 (PDF).

What's included?

• New-for-old contents replacement, regardless of age.^disclaimer
  If your old smart phone, television and laptop are stolen or damaged and unable to be repaired, your policy can cover the purchase of new equivalent items, regardless of age of the original item, where possible.
• 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, protection is provided for your personal belongings up to the sum insured noted on your policy, and any other additional benefits you are eligible to claim for, subject to the limits and conditions described in your policy schedule and ANZ Home Insurance Product Disclosure Statement (PDF).
• 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.
• Burglary, theft and vandalism.^disclaimer
  If your property is broken into and your laptop, mobile phone and clothing are stolen, these items can be covered.
• Electrical motor burnout and power surge.^disclaimer
  If lightning causes a power surge which blows the fuse of your TV, the cost of a repair or replacement can be covered.

Optional benefits

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

• Accidental loss or damage at home (contents).^disclaimer
  If you fall over and accidentally break your glass coffee table, this can be covered under your contents policy.
• Cover for contents including laptops and mobile phones away from home, anywhere in the world for up to 120 consecutive days.^disclaimer
  If you're traveling outside of Australia e.g. in Europe, and your bag containing your mobile phone, clothing and $250 cash 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 policy schedule, subject to any applicable limits described in the ANZ Home Insurance Product Disclosure Statement (PDF).
• Specified valuables cover, for special items that exceed $3,000.
  If your house is broken into and your engagement or wedding ring worth more than $3,000 is stolen, you can be covered up to the value noted on your policy schedule against the item, if it is listed as a ‘specified valuable'. If it hasn't been specified, then it can still be covered but only up to $3,000 per item, pair, set or collection.

For a full list of what is and isn't covered by ANZ contents insurance cover, please refer to the ANZ Home Insurance Product Disclosure Statement (PDF). The ANZ Home Insurance PDS includes information on buildings and contents cover.

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:

• When you take out 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. 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 protect what is important to you.
• Also consider optional benefits, such as accidental damage and away from home cover.
• If you need a new policy or to update what you have, consider ANZ Home Insurance today.

We're here to help

What's more, we have a simple claims process with the product issuer, QBE Insurance (Australia) Limited (QBE). With round-the-clock claims lodgement support from QBE, we're always there when you need us.