
What's the best renters insurance? 5 step comparison guide for tenants
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- What is renters insurance?
- Step 1: Figure out what type of renter’s insurance you need
- Step 2: Check to see which belongings are covered under renters insurance
- Step 3: Read up on what type of events are covered under renters insurance
- Step 4: Compare the costs of renters insurance policies
- Step 5: Find out the nitty gritty about making a claim on renters insurance

When you first move into a rental property, one of the first questions you may ask yourself is, "Do I need renters insurance?"
Home insurance in general isn't compulsory, so it's up to you to decide if it's right for your new home. But if you're looking for cover in case your belongings are damaged, destroyed, or stolen, it’s important to familiarise yourself with the options out there.
What is renters insurance?
Renters insurance (sometimes referred to as contents insurance) is a policy tenants of a rental property can take out to protect their belongings like electronics, furniture, personal items, and more.
It can protect them from paying out of pocket to cover the cost of damage or loss of items due to an incident like a break-in or a disaster such as a fire.
So, is renters insurance the same as home and contents insurance?
Home and contents insurance is designed for property owners, so if you're a renter, it’s not required for you to insure the building you live in: that’s up to your landlord.
Generally speaking, owners of rental properties take out landlord’s insurance or building-only insurance, meaning any of the stuff you own inside the home isn’t protected under that same policy.
That's where renters insurance comes in.
Depending on your renter’s insurance policy, you may be covered for property theft and damage, as well as additional things like temporary accommodation if you can no longer live at your rental property as a result of extensive damage.
Bear in mind, because renter’s insurance can sometimes be the same as contents-only insurance with certain providers, it’s important to identify as a tenant rather than the owner of the property you live in when you request a quote.
But how do you find the right renters insurance policy for you? Take a walk through these five simple steps…
Step 1: Figure out what type of renter’s insurance you need
The most basic form of renters insurance is contents insurance, which covers your belongings inside your home in the case of theft or damage due to events like a fire or storm. In some cases, outdoor items are covered automatically, while in others it may be an optional extra, so it’s worth checking the insurance policy’s PDS to clarify.
On the topic of additional cover, most policies offer a host of optional extras to consider adding to your policy. Some of these include:

- High-value contents cover: For expensive items above a certain price bracket (such as jewellery, furniture or art pieces within the home).
- Portable contents cover: For items that you take to and from home, such as a laptop or phone, so that they are covered both when they are inside the property and outside it.
- Accidental damage cover: This covers damage you or your family may cause to your belongings unintentionally, like accidentally knocking an artwork off the wall or smashing a valuable vase.
Just remember, the items you own might add up to be worth more than you think, so ensure you’ve crunched the numbers properly rather than just having a guess at what cover you think you’ll need.
Can I get renters insurance if I live in a sharehouse?
If you are a tenant in a share-house, getting cover may be a little tricky since ownership can be grey. It may be worth discussing whether your roommates want to chip in for a policy with you that covers everything. Living together with other people complicates the risk, so if you get a policy with only your bedroom valuables named, you may not be covered if a roommate decides to damage or steal your items.
Step 2: Check to see which belongings are covered under renters insurance
Generally, when it comes to renters insurance, if you own it, you can insure it. So don’t be shy when it comes to naming items you want to have on your policy.
Some renter’s insurance includes large items like furniture, appliances, bicycles and TVs to smaller items like jewellery, clothing, tools and even children’s toys.
However, providers tend to place limits on the amount you can claim for each item. Up to $1,000, $2,000 or $3,000 per item is typical. So, if you do own pricey items, as mentioned above, it may be worth considering adding on high-value items cover.
It’s also important to check what exclusions there are when it comes to renters insurance. An example of this could be any ‘home office’ items that are used from within your rental property to run a business. Make sure you go through the PDS with a fine-tooth comb before sealing the deal, so you’re not left trying to make a claim on an item that didn’t qualify under your policy.
Step 3: Read up on what type of events are covered under renters insurance
Unless you own a crystal ball, it’s impossible to know what events may occur to the property you live in, but that’s the beauty of the safety blanket that is renters insurance.
While there tends to be slight differences between what’s covered by various providers, here are some of the typical events that you may be protected against as a tenant under renters insurance:
Usually included | Can be an optional extra |
---|---|
Theft | Flood |
Vandalism | Accidents caused by you or family member (such as accidentally breaking a vase) |
Fire | Damage caused by pets |
Storm | Legal liability protection (if a guest hurts themselves in the property you live in) |
Explosion | Temporary accommodation (if the property becomes unliveable as a result of an insured event) |
Sudden Impact (such as damage from a fallen tree or electricity pole) | Lock replacement |
Earthquakes | Outdoor items |
Damage caused by wild animals | Motor burnouts (if appliance under 7 years old burns out or fuses) |
Water leakage | Refrigerated food and medicine spoilage (if your fridge is damaged as a result of an insured event) |
Hot tip: If you are unsure about whether or not a specific event is covered under the policy you intend to take out, check the your insurance policy PDS (which is generally found on the provider’s website) or get in contact with them directly.
Step 4: Compare the costs of renters insurance policies
Whether you are looking for low premiums, a high level of cover or a variety of optional extras, how much value you get out of what you pay should be at the forefront of your mind when you compare renters insurance policies.
There are a handful of things that insurance companies take into consideration that may affect the cost of your renters insurance premium.

The biggest factor that affects your premium is the amount of cover you wish to take out and whether you opt for additional extras. However, it can also be impacted by other things like the location of the property (whether you live in an area that is prone to natural disasters like floods or bushfires, or your suburb’s crime rate) and the amount of security on your home (such as deadlocks, bars or CCTV).
Also remember that there may be ways to save on your premium, such as buying your policy online or paying an annual premium instead of monthly. So, it’s also a good idea to compare discounts between providers as well - you never know whether you might snag the best offer.
If you'd like to know more about taking out affordable protection, head over to our cheap home insurance hub.
Step 5: Find out the nitty gritty about making a claim on renters insurance
Before you sign on the dotted line, it may be worth digging into the claims process of the renter’s insurance policy you are considering. What might your excess be? What sort of documentation do you need to provide? How long is the process?
It’s also important to think about how you may be compensated by your insurance provider in the case that any of your belongings are damaged or stolen. For example, some providers offer a new replacement for insured items, while others simply cover the replacement value, which depreciates the longer you own the item.
Here is the typical process for making a claim on renters insurance:
1. Get in touch with your provider: this could be online, via email, over the phone or in person.
2. Fill our a claims form: these are usually found online or can be requested from your insurance provider - make sure you fill out all of your details correctly and truthfully.
3. Provide evidence if you can: this may be in the form of receipts, warrant cards, valuation documents or even photos.
4. Receive compensation: if your claim gets approved, you will be reimbursed. This may be through repairs, replacement, gift cards or money.
Ready to start checking out insurance policies? Why not jump over to our home insurance comparison table for a bunch of hot options!
Compare contents insurance policies - rates updated daily
Home Cover - Contents
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $1,000 for electronic files and software
- Computer software hardware
- Yes - hardware. Up to $1,000 for software.
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $20,000 per item, set or pair of artworks or antiques. Up to $5,000 per collection.
- Jewellery
- Up to $2,500 per item, set or pair
- Replacement of documents
- Up to $800
- Tools of trade
- Up to $5,000
- Contents while moving
- Yes
- Lock replacement
- Up to $2,500
- Temporary accommodation
- No
- Debris removal
- No
- Demolition cost
- No
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- No
- Building materials
- No
- Landscaping
- No
- Gates and fences
- No
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.
Read our Mozo Review to learn more about QBE Home Cover - Contents
Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - No
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $300
- Cd dvd and electronic files
- Up to $5,000
- Computer software hardware
- Hardware yes, software up to $5,000 combined with CDs/DVDs
- Camera and accessories
- Up to $2,000
- Carpets
- Yes - limits apply for carpets over 10 years old
- Antiques and valuables
- Up to $2,000 per item, up to $12,000 in total
- Jewellery
- Up to $2,000 per item, up to $6,000 in total
- Replacement of documents
- Up to $1,000
- Tools of trade
- Up to $2,000
- Contents while moving
- Yes
- Lock replacement
- Up to $1,000
- Temporary accommodation
- No
- Debris removal
- Up to 20% of sum insured combined with demolition cost
- Demolition cost
- Up to 20% of sum insured combined with debris removal cost
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- Yes
- Buildings and structural improvements
- No
- Building materials
- No
- Landscaping
- No
- Gates and fences
- No
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.
Read our Mozo Review to learn more about honey Contents Insurance
Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- Flood
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- No
- Cd dvd and electronic files
- Yes, excludes electronic files
- Computer software hardware
- Yes
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Yes
- Jewellery
- Optional Extra, select specific replacement value for each item of jewellery where the individual value is more than $15,000
- Replacement of documents
- No
- Tools of trade
- Optional Extra, up to $1,000 per item , up to $5,000 in total
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 12 months, up to 12% of sum insured
- Debris removal
- No
- Demolition cost
- No
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- No
- Building materials
- No
- Landscaping
- No
- Gates and fences
- No
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.
Read our Mozo Review to learn more about Youi Contents Insurance
Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- FloodOptional Extra
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800
- Cd dvd and electronic files
- Up to $3,000 combined with computer software
- Computer software hardware
- Up to $3,000 combined with CDs/DVDs
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $5,000 per item for artwork, up to $12,000 in total, up to $2,000 for collections
- Jewellery
- Up to $1,000 per item, up to $5,000 in total
- Replacement of documents
- No
- Tools of trade
- Up to $2,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 10% of sum insured, up to 12 months. Combined with temporary accommodation for pets.
- Debris removal
- Up to 10% of sum insured combined with emergency storage cost
- Demolition cost
- No
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- No
- Building materials
- No
- Landscaping
- No
- Gates and fences
- No
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.
Read our Mozo Review to learn more about Virgin Money Contents Insurance
Contents Insurance
- Main events covered
- Fire
- Theft
- Storm
- FloodOptional Extra
- Monthly payments
cost extra - Yes
- Underinsurance protection
- No
- New for old
replacement - Yes
- General contents
- Yes
- Cash
- Up to $800 in total
- Cd dvd and electronic files
- Up to $3,000 combined with computer software
- Computer software hardware
- Hardware yes, software up to $3,000 combined with CDs/DVDs
- Camera and accessories
- Yes
- Carpets
- Yes
- Antiques and valuables
- Up to $5,000 per item for artwork, up to $12,000 in total, up to $2,000 for collections
- Jewellery
- Up to $1,000 per item or set, up to $5,000 in total
- Replacement of documents
- No
- Tools of trade
- Up to $2,000
- Contents while moving
- Up to 20% of sum insured
- Lock replacement
- Up to $1,000
- Temporary accommodation
- Up to 10% of sum insured, up to 12 months. Combined with temporary accommodation for pets.
- Debris removal
- Up to 10% of sum insured combined with emergency storage
- Demolition cost
- No
- Accidental loss and damage
- Optional Extra
- Accidental breakage of glass
- Yes
- Lightning
- Yes
- Earthquake
- Yes
- Storm surge
- No
- Buildings and structural improvements
- No
- Building materials
- No
- Landscaping
- No
- Gates and fences
- No
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.
Read our Mozo Review to learn more about Budget Direct Contents 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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