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 In Lifestyle Property Management

What insurance do tenants need?

The Australian Bureau of Statistics estimates 23 per cent of Australian households do not have contents insurance. As most home contents insurance policies are quite a low outlay, usually less than $250, the benefit of receiving potentially tens of thousands to cover loss or damage far outweighs the initial cost.

As a tenant, a little bit of knowledge about the ins and outs of insurance can go a long way to better protecting your belongings, providing peace of mind and saving you money.

In the first instance, it’s good to understand that home insurance is the responsibility of the landlord. If any damage outside your control occurs, such as a natural disaster, fire or theft the responsibility falls to the owner and their insurer to arrange and cover the cost of repairs.

However, in each of the above circumstances your possessions are not covered and you will need to make arrangements for insurance cover yourself. The Australian Bureau of Statistics estimates 23 per cent of Australian households do not have contents insurance. As most home contents insurance policies are quite a low outlay, usually less than $250, the benefit of receiving potentially tens of thousands to cover loss or damage far outweighs the initial cost.

Insurance policies usually place a maximum claim amount per item, so check the fine print of any policy to understand if you are adequately covered. If you own an expensive bike or a piece of jewellery, identifying it in your policy will ensure you are compensated to the full amount of the item’s value. You can also specify portable items such as digital devices so they are covered even when they are outside the home. We recommend exercising discretion when specifying items as this will increase your premiums.

Remember to check the fine print and ensure items stored separately to the main dwelling such as in a garage or storage cage are covered by your policy.

You can save money on contents insurance by choosing a higher excess. If, for example, you agree to pay the first $1,000 of any insurance claim you will pay a reduced premium. This is a good option if you think making a claim is unlikely, just ensure that the excess you agree to pay is an amount that you would be comfortable paying at short notice.

Remember to check the fine print and ensure items stored separately to the main dwelling such as in a garage or storage cage are covered by your policy.

If you have an existing policy in place which you regularly renew, remember to review it around once a year to ensure it adequately covers your current circumstances. We recommend taking the opportunity to shop around as you may be able to secure a better deal from a competitor.

If you need any further assistance or have any questions, please contact our Marshall White Property Management Team (03) 9822 8711.

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