Are You Going to be Renting in Sydney?

Finding a new place to call home in your new city is likely to be at the top of your to-do list when you touch down in Australia.

Not only are you on the hunt for the perfect property, but you are also faced with the challenge of deciding on which suburb is best suited to your personal needs and lifestyle.

Once you have settled on a house or apartment, picked up the keys and carried the last box of your belongings through the door, the hardest part of your move is over – but that doesn’t mean there aren’t other things you need to consider.

If you’ve moved into a new property then it may be time to think about safeguarding your property with renters insurance, providing you with peace of mind should any accidents happen – leaving you to get on with building your new life in Australia.

Here’s how contents insurance for renters stacks up – and why you should think about it now, rather than later.

RELATED:  Is Two Weeks Long Enough to Find an Apartment in Sydney?

#1. Your landlord is not responsible for loss or damages to your property

It’s a common myth that damages to your assets – caused in an event such as a fire or burglary – will be covered by your landlord. In actual fact, your landlord is only responsible for the property you are renting, not your personal assets.

So if you run into some unexpected circumstances in the form of a fire, flood or burglary and you don’t have contents insurance, you’ll be paying to replace your belongings out of your own pocket.

#2. Renting for longer means more accumulated assets

Renting into your thirties, forties and beyond naturally comes with an increase in assets – both in quantity and in value! Household assets would once have been covered under a standard home and contents insurance policy – but this is not the way of the world for the long-term renter.

Investing in contents insurance means that the value of the assets you have accumulated over the years, such as furniture, entertainment systems, computers and jewellery – will be protected.

Use a tool, such as a Home Contents Calculator, to help you get an idea as to the amount you should be insured for.

A renters contents insurance policy means that you have peace of mind that all your assets are protected if the worst should happen.

#3. Your assets are probably worth more than you think

Many young renters make the assumption that their assets just aren’t worth that much. While it’s easy to estimate the cost of “big” items, such as furniture and electronics, the sheer volume of belongings even among frugal singles is often much higher than expected.

RELATED:  House vs Apartment Living in Sydney

Once you add up the more expensive items, you then need to take inventory of everything else – think kitchen utensils, clothes, bed linen and more. It all adds up!

So don’t risk it – contents insurance could be the difference between a bad situation and an expensive situation.

#4. Contents insurance is an affordable necessity, not a luxury

While the cost of insurance varies between insurers, standard renter’s contents insurance policies can be as low as just $5 per week – probably far less than your phone bill!

#5. Prepared for anything 
your contents insurance policy will cover you for a range of circumstances, including storms or natural disasters, theft, vandalism and even animal damage.

You can be confident that life’s ups and downs won’t lead to you being left out of pocket. It’s far from a luxury – it’s a necessity.

Disclosure of Material Connection: This is a “sponsored post.” The company who sponsored it compensated me via a cash payment, gift, or something else of value. Regardless, I only recommend products or services I use personally and believe will be good for my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”