How much does renters insurance for a shared house typically cost?

The cost of renters insurance for a shared house can vary significantly. It depends on factors such as the total value of your belongings, your chosen level of cover, your excess amount and where you live. While basic cover for fire and theft might be more affordable, comprehensive policies offer broader protection at a higher premium. It is always a good idea to compare quotes from several insurers to find a policy that suits your budget and needs.

Does my landlord's insurance policy cover my personal items?

No, your landlord's insurance policy generally only covers the building itself and any fixtures or fittings they own. It will not cover your personal belongings such as furniture, electronics clothing or jewellery. To protect your possessions from events like fire theft or accidental damage you need to take out your own renters contents insurance policy.

What happens to my renters insurance if I move out of the shared house?

If you move out of your shared house you will need to update your renters insurance policy. You should notify your insurer of your new address and the date you are moving. Depending on your policy terms and your new living arrangements you may be able to transfer your existing policy, cancel it or purchase a new one. Be sure to check for any cancellation fees or changes in premiums. It is important to avoid a lapse in cover during your move.

Does renters insurance cover accidental damage caused by a housemate?

Generally renters insurance policies do not cover damage caused intentionally or negligently by a housemate. Most policies will exclude loss or damage resulting from the actions of an occupant of the insured address. This means if your housemate accidentally breaks your TV or spills something on your laptop your policy may not pay out. It is important to read your Product Disclosure Statement for specific exclusions.

Can I get renters insurance if I live with more than three housemates?

Securing renters insurance can become more challenging if you live with more than three unrelated housemates. Many insurers have specific restrictions regarding the number of unrelated people residing at a property. While some might be flexible others may refuse to offer cover or charge a higher premium. You will need to check with individual insurers about their eligibility criteria and provide accurate information about all occupants when getting a quote.