Did you know that your landlord’s property insurance only covers losses incurred to the building itself and does not include your personal property?
If you’re renting out an apartment or your home, you’ll need an insurance policy to cover your belongings in the event of a loss or damage. Some examples include cover against theft, windstorm or hail, fire or lightning, damage caused by vehicles, and more.
While these risks can be covered, it is extremely important to ensure that you’re insured against liabilities and protected as a tenant with contents insurance. This is important as it works to cover for your:
• Personal assets – coverage for your personal items such as clothes, furniture, electronics, and more meeting your coverage limit.
• Personal liability – this cover is essential to protect you if you’re ever legally responsible for an injury or property damage in your own premises. Example of this case would be if your guest falls down the stairs and sustains injury from it, there’s a high chance your guest might sue you for it.
• Medical payments – referring to the above example on personal liability, this coverage is designed specially to cover for medical expenses of the third party (example, your guest that was injured).
Just imagine the amount of what’s to replace in one bedroom; a wardrobe full of clothes, your quilts, pillows, jewellery, and electronic goods? Then, the kitchen where you’ve got a range of expensive cookware equipment, the bathroom, and the dining hall. Think about what is the stuff in your home worth especially if you’re renting, can you really afford to replace these items in the event of a loss?
What is even more shocking was when an Understand Insurance survey of more than 1,000 Australians, conducted by Quantum Market Research has found more than half (54%) of renters have no contents insurance. Our brokers have the professional expertise to guide you through the available options on contents insurance and assist you in finding the best solution to prepare you for scenarios like these. Alternately, if you already have an insurance policy, we recommend you check the policy to see if you’re adequately covered.
Speak to us to ensure your valuables are protected. Contact East West Insurance Brokers today:
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.