Renting your home? 6 ways to save money on contents insurance

Young renters often forgo the added expense of contents insurance. Common excuses include, “My stuff isn’t worth that much,” or “I’d rather just save the money for a rainy day.” But you’d be surprised how quickly all your worldly possessions add up.
So if you’re comparing contents insurance policies but feel daunted by the price, here are five ways to keep the premium down.
Don’t just automatically renew

Existing customers often pay more for contents insurance than new customers – this is called the loyalty tax. Providers lure new customers with discounts that expire after a year, then tick up your premium when you automatically renew. Don’t settle for it.
Compare your options and send for a couple of contents insurance quotes. By doing this, you get an idea of what’s available to you while keeping your coverage and price competitive. Speaking of coverage…
Only get the coverage you need

Optional extras can be a great way to tailor your coverage, but there’s no sense in paying for more than you really need. Consider what risks and valuable items you want coverage for the most, then choose a policy accordingly.
Some providers lean into extras, positioning them as a perk of the policy. But not every perk is necessary – sometimes basic contents insurance is enough. Weigh up whether they’re worth the money, and if they’re not: don’t put your cash in their pocket!
Go for a higher excess

An insurance excess is a fee you agree to pay when filing a claim. By opting to pay a higher excess, you’re taking on more of the financial risk of a claim, so insurance providers reward you with a lower premium.
Doing this can be a good tactic if you’re at low risk of ever having to file a claim, anyway – but keep in mind you’ll have to shell out more if you do. Otherwise, you could be spending more money when you need it most.
Shop around for insurance quotes

Remember those new customer discounts? Might as well use them while you can!
Hoping to get new customers, providers will offer sign-up deals which could get you a percentage off your first annual premium. Your own provider may even offer better prices to customers newer than you.
CHOICE writer Jodi Bird recommends comparing the deal you’re getting by sending for quotes, including from your own provider. If you want to stay with your current provider, don’t be afraid to call them up and negotiate! Most companies would rather take a small hit to keep your business than lose it altogether, so don’t be afraid to let them know.
If you switch providers, double-check the product disclosure statement so your level of coverage either matches or exceeds what you’re currently getting for a better price. Otherwise, you could be risking underinsurance.
Combine your policies

Insurance providers would love to maximise the business they can get from you, so many offer multi-policy discounts if you take out more than one type of insurance. The most common example is combining home and contents insurance, but as a renter, this may not be relevant.
More than likely, however, you could combine your car insurance under one umbrella, if you find a provider whose separate policies all meet your needs and budget.
Don’t just cancel your insurance!

Some home insurance providers will only let you switch to their policy if your belongings have been continuously insured. Essentially, they want you to smoothly go from one period of coverage to theirs.
Doing this can reassure them that your belongings took on no extra risk during the gap in your coverage. Otherwise, you may not be eligible for their insurance at all. So please think twice before cancelling your contents insurance on a whim – there might be better strategies for saving money.
Compare contents insurance policies below.
Compare contents insurance - last updated 10 February 2025
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Home Cover - Contents
Yes
Yes
Yes
Yes
CompareCompareHome Cover - Contents
- Fire
- Yes
- Theft or burglary
- Yes
- Storm
- Yes
- Flood
- Yes
- Underinsurance protection
- No
- Monthly payments cost extra
- Yes
- New for old
- Yes
Read reviews and learn more about QBE home insurance
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Contents Insurance
Yes
Yes
Yes
Yes
CompareCompareContents Insurance
- Fire
- Yes
- Theft or burglary
- Yes
- Storm
- Yes
- Flood
- Yes
- Underinsurance protection
- No
- Monthly payments cost extra
- Yes
- New for old
- Yes
Read reviews and learn more about Youi home insurance
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Contents Insurance
Yes
Yes
Yes
Yes
CompareCompareContents Insurance
- Fire
- Yes
- Theft or burglary
- Yes
- Storm
- Yes
- Flood
- Yes
- Underinsurance protection
- No
- Monthly payments cost extra
- No
- New for old
- Yes
Read reviews and learn more about honey home insurance
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Mozo experts choice awards won:
- Exceptional Value Home & Contents Insurance - 2024
Contents Insurance
Yes
Yes
Yes
Optional Extra
CompareCompareContents Insurance
- Fire
- Yes
- Theft or burglary
- Yes
- Storm
- Yes
- Flood
- Optional Extra
- Underinsurance protection
- No
- Monthly payments cost extra
- Yes
- New for old
- Yes
Read reviews and learn more about Budget Direct home insurance
Your selected home insurance
Your selected home insurance
Your selected home insurance
Your selected home insurance
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
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