Renters’ guide to protecting your things in a share house

Forrest Gump’s mumma said it best, “Life is like a box of chocolates, you never know what you’re going to get.” The same extends to share houses. There's no crystal ball for knowing what will or won’t happen while you’re living under a shared roof, and what impact certain events will have on your belongings. Let’s consider the following scenarios.

A roommate returns home late one night after dinner and drinks with some friends. Tired, she forgets to lock the door behind her when she arrives home. The next morning, you wake up to discover the laptop you left in the living room is no longer there. A stranger had entered through the unlocked door during the night and stole it, leaving you (and the essay you have due!) in the lurch.

One day, a warning is issued by the bureau – a deluge is expected, and heavy winds too. In the blink of an eye, a falling tree punctures the roof of the share house, causing rain to rush in and damage the sofa you contributed to the living room. The fabric is soaked through and discoloured, and it looks like the upholstery has been torn and damaged by the debris. Your couch either needs to be fixed or replaced.

Contents insurance for renters is a type of home insurance you can take out to help protect your belongings in the event they’re stolen, damaged or destroyed by an insured event. It can include cover for furniture, entertainment systems, clothes, jewellery and more. If each individual in a share house wants cover for their belongings, they each need to take out their own individual policy. 

Cover can include things like:

• new-for-old replacement when something is stolen or damaged as a result of on an insured event

• temporary accommodation if you can’t live in your share house due to an event covered by your policy

• cover to replace prescription medication that spoiled due to a fridge that stops working (for example, if a storm causes a black out). 

Just remember, different limits and conditions can apply depending on the policy and the insurer, so you should always read the Product Disclosure Statement (PDS) for a full breakdown of what is and isn’t covered.

Renters insurance doesn't cover damage to the building itself. That would be covered by a building insurance policy, which is up to the landlord to arrange. For all contents insurance exclusions, see the PDS.

Anyone who rents can consider renters’ insurance, but it’s ultimately up to you if you want to take out a policy for yourself.  It all depends on your individual circumstances. To work out whether it’s right for you, you might like to consider the following:

• How important are your valuables to you?

• If your valuables were damaged, lost or stolen, would you have the money to replace them?

• Could you survive without certain valuables if they were damaged, lost or stolen? 

Sometimes, creating a home inventory can help you determine how much you own and what it would cost to replace it. It can also come in handy in the event you do get contents insurance, or for when you eventually move out and need to remember what’s yours! Either way, it’s a task worth checking off.