Insurance is one of those things that you don’t think about – until you need it. No one can predict whether you’ll ever have to use it, but one’s things for sure: if you have a house full of stuff, you really can’t afford to be without it. Not sure how it all works? Here’s a bit of a renter’s insurance rundown.
- Your landlord might be covered, but that doesn’t mean your stuff is
At Rentwest we recommend that all of our property owners take out Landlord Insurance to cover the interior and exterior of their property, but this policy doesn’t include your stuff. Renter’s insurance is basically insurance for your belongings. If your things are damaged by fire, storms, earthquakes or impact damage and you have the right coverage, your goods will be replaced.
- Even the most secure house can be damaged
So your rental has security screens, a working alarm system and a sturdy fence – you don’t need to worry about insurance, right? Wrong! If your house is broken into or vandalised, renter’s insurance will cover you for anything that is stolen or damaged.
- Everything adds up
You may think that your stuff isn’t worth much, but imagine having to replace it all. Even the most basic set-up could run into the thousands. Do a quick calculation of what you own – can you afford to start from scratch?
- A little monthly expense will save you money
The cost of renter’s insurance is generally pretty reasonable. Coverage starts at around $5 a week depending on the policy, what you’re insuring and any extras.
As with any insurance policy, you’ll need to check with your insurer to determine what is and isn’t covered under your particular policy.
Do you have renter’s insurance? Have you ever made a claim? We’d love to hear about it.