Budget Direct paid out over $1.5 billion on car + home insurance claims in the last 12 months.
Renters Insurance is also known as Contents Insurance for Renters. This cover offers protection for your household and personal belongings against loss or damage from an insured event. As an insurance provider to so many Australians, we understand that renters have just as much to protect as homeowners and investors and we're here for your peace of mind too. Our Renters Insurance offers the same trusted cover as our Contents Only Insurance policy. Get a quote for Contents Insurance and let us know you’re renting to see what cover is available for you.
Among other things, a Budget Direct contents insurance policy covers loss or damage to:
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Furniture and furnishings
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Electrical appliances
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Kitchenware
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Clothing and shoes
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Valuables like jewellery (limits apply), sunglasses and cameras (if you want your portable items to be insured when you take them with you away from your home, you’ll need to get optional Personal Effects Cover).
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Fitted carpets and rugs
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Internal blinds, curtains and window coverings.
Note that benefit limits apply to certain contents.
Do I need insurance as a renter or tenant?
If you’re a renter or tenant, you do not have to worry about getting a Home Building Insurance policy to cover the unit, apartment, flat, townhouse, detached or semi-detached house you’re living in – that’s your landlord’s responsibility.
However, if you want to be covered for the cost of repairing or replacing your belongings if they are damaged from an insured event (e.g. furniture, whitegoods, electrical appliances, clothing, and personal effects), then you’ll need to get contents insurance for renters.
Who is renter’s insurance for?
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You have moved out of home and into a rental
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You have moved in with your partner in a rental
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You are house-sitting long term
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You are temporarily renting while your home is being renovated
Terms, conditions, limits and exclusions apply. Please read the Product Disclosure Statement (PDS)
Benefits Included in Renters Insurance
If your rental is damaged and is unliveable due to an insured event, we can cover additional temporary accommodation costs above your usual rental expenses for your family and pets. For example, if you pay $600 per week rent, and your temporary accommodation is $700, we will pay $100.
This is limited up to 10% of your contents sum insured for a maximum of a year (or once the limit has been reached, whichever is sooner).
Whether you'll be staying in a hotel for a few days or you need a long-term rental, we'll help make sure there's a roof over your head while your home is restored.
Legal liability is included in your Renters Insurance cover up to $20 million. Legal liability can cover you for the death or physical injury to other people, or for loss or damage to other people’s property caused by an accident.
Removal and disposal of your damaged contents and storage of your undamaged ones during the time it takes to repair the home you're renting.
To ensure your belongings remain secure, we will pay up to $1,000 to replace stolen keys, locks and key codes.
You may be covered for up to 90 days if your contents are lost or damaged while you’re away from your insured home.
Cover applies to up to 20% of your sum insured for the events listed in your PDS.
Feel secure that some of your contents may still be protected if you’re on holiday or staying elsewhere.
We'll cover loss or damage to unattached equipment or accessories (e.g. from motor vehicles, watercraft, trailers and caravans) up to $500.
Terms, conditions, limits and exclusions apply. Please read the Product Disclosure Statement (PDS)
Smart Ways to Save on Your Renters Insurance
If you want to save on renters' insurance, start by making sure you have valued your stuff properly. Your ‘sum insured’ should cover the full cost to replace everything, not what you originally paid.
You can use Budget Direct’s free contents calculator to help. You might also save by buying online (15%^ off your first year), choosing a higher excess, or paying your premium annually.
Upgrade Your Cover
Need more cover? For an additional premium, you can customise your Renters Insurance policy by adding one or more of the following optional covers:
Personal Effects Cover insures listed personal belongings you take with you away from your home (such as jewellery, sunglasses and cameras). This benefit is sometimes known as Portable Contents Cover.
Learn more about Personal Effects
Accidental damage is loss or damage caused by a sudden, unintended and unexpected event that is not the result of a deliberate act – useful if you want to be covered for some damage that’s not automatically included as part of your Home Insurance. For example, spilling red wine on your couch by mistake, or unintentionally dropping and breaking a fragile item, such as a vase.
Learn more about Accidental Damage
Motor Burnout Cover covers you for loss or damage to electric motors that are less than ten years old if the motor burns out due to an electric current or power surge. Electric motors are commonly found in home appliances like fridges, freezers, or washing machines. If you have Contents insurance, we can also pay for related food spoilage as a result of motor burnout.
Learn more about Motor Burnout
With Commercial Storage Cover, you’ll be insured for loss or damage by an insured event to your belongings while they're stored in a commercial storage facility.
Get a Quote Online and Save 15%^
If you get a quote and buy a new Renters Insurance policy online, we'll give you a 15%^ discount on your first year's premium.
How much cover do I need?
When you buy Renters Insurance, it's up to you to determine how much it would cost to replace your belongings if they were destroyed in an insured event. This is known as the ‘sum insured’.
This is the amount you’re covered for after an insured event, so it’s important that the sum insured you nominate is sufficient to replace all of your contents at today’s prices.
To make your insurance journey easier, we have calculators to help you figure out how much contents insurance you might need.
Renters Insurance FAQs
Contents insurance covers items inside of your dwelling. However, if you wish for the items to be covered outside of the home, we offer Personal Effects cover as an optional extra to your Contents Insurance policy. This can cover a wide range of categories of belongings, including:
bicycles
clothing
jewellery/watches
musical instruments
photographic equipment
sporting equipment
medical aids
mobile phones (Specified only)
laptops/tablets (Specified only)
e-scooters.
To find out how much this coverage might cost, you can get a quote online.
Yes – the minimum amount of cover we provide for home contents is $20,000.
The cost of renters insurance will depend on factors such as your sum insured amount (the overall cost to replace your contents if they were totally destroyed by an insured event such as a fire), your location, your previous claims history and more.
