Why Renters Need Their Own Insurance
Insurance for renters is typically designed to protect any belongings owned by the renter whilst they are residing in a rental property. However, it often extends to other benefits that are a crucial consideration.
There is often a misconception, that loss and damages within a rental property become the owner’s responsibility, however this is just not the case. Each party is responsible for their own belongings and liability.
Insurance for renters can cover damage or loss to renter’s belongings (things like furniture, clothes & electronics) from events like fire, theft, water damage and certain natural disasters.
Beyond just damages a policy can also cover a renter’s liability.
If someone is injured in the rental property, or if the renters damage someone else’s property (like causing damages to their own unit or an adjoining property), renters’ insurance can help cover, medical bills, legal fees or settlements & judgments relating to the damages. Without this protection, a renter may be held liable for these costs.
Finally, a renters insurance policy can also offer temporary accommodation or re-imbursement of living expenses if the property they live in suddenly becomes uninhabitable due to an event – like a fire or flood. These are important, immediate expenses that can often cause serious financial distress; however they can be prevented by obtaining the right cover.
DISCLAIMER Policies are issued by Certain Underwriters at Lloyd’s and distributed by The Proplab Group Pty Ltd trading as Property Insurance Plus (ABN 59 009 357 582, AFSL 236663). General advice does not take into account your objectives, financial situation, or needs. Please read the relevant Product Disclosure Statement, Financial Services Guide, and Target Market Determination available from us to consider whether our product is right for you. Benefits are subject to terms and conditions, including excesses, limits, and exclusions of your policy.
