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Do I need home insurance if I'm renting?

House balcony, taken from below

If you're renting a unit, an apartment or a house, you've probably wondered whether or not you need home insurance.

Even though you're living in someone else's property, you'll still want peace of mind that you're covered if anything goes wrong. Let's take a look at a few different scenarios to see what kind of home insurance you may need.

Am I covered if a flood or storm damages my rental?

Let's say a major storm hits and not only destroys most of your belongings, but it also leaves your house in an unlivable condition.

In this scenario, your landlord or the owner of the property would ideally have home insurance in place that would cover any damage caused to the actual structure of the building. This means their insurer would look after repairing the building and getting any emergency work done so you could move back in as soon as possible. 

Unfortunately their home insurance would not cover any of your personal belongings, which means, unless you have your own contents insurance policy, you'd lose a lot of stuff.

If my rental catches fire, what am I covered for?

Similar to a weather-related event, you'll need your own contents insurance if you want any reimbursement for contents lost or damaged in a fire. Depending on your policy, it may also cover the cost of temporary accommodation if you need to relocate while your rental is being fixed.

I lost power as a result of a storm and all my food spoiled. Am I covered?

If you have contents insurance, food spoilage may be covered. Check with your insurer first before making any assumptions.

My rental was broken into and some of my things were stolen.

Any damage caused to the place you're renting as a result of theft will be covered through your landlord's or property owner's home insurance. It's up to them to get your rental back to a safe and stable condition following a break-in. However, it's your responsibility to protect your belongings against theft with an appropriate contents insurance policy. 

As you can see from these scenarios, as long as you're a tenant, it's a good idea to take out contents insurance to protect your belongings from loss or damage. Before you get started, figure out how much your contents are worth so you know the value that you should insure them for. Then once you're ready, start a quote and we'll be happy to help you find the right level of cover to suit your renting needs.