The Insurance Council of Australia recently released a report demonstrating a low take up of contents insurance in younger generations, new residents to Australia and households without a mortgage.
Some of the key findings from this report include;
- Households where the household head is aged less than 30 are least likely to be insured while households where the household head is aged in the 40-44 year age group is most likely to be insured.
- Households where the household head was born in Australia have greater odds of having contents insurance, with the likelihood of having contents insurance declining the more recently the household head arrived in Australia.
- The odds of a home owner with a mortgage having contents insurance is around nine to one, compared with odds of about seven to one for an owner without a mortgage
- One parent and lone person households, demonstrate a low probability vis a vis other family types from having contents insurance.
Contrary to popular belief, contents insurance is not just for people who own their own home.
Content insurance policies or renters insurance is available for all household types and will commonly cover you for;
- Flood damage
- Fire & smoke damage
- Theft or burglary
- Storm damage
- Cyclone damage
- Earthquake damage
- Tsunami damage
Leakage damage (water/liquid leaking)
- Accidental & malicious damage to fixtures/fittings (vandalism)
Some policies also have extra benefits like
- Credit card theft – for credit cards being physically stolen; usually has a dollar limit on amount you can claim
- Food that has perished – due to power outage, blackouts, or your fridge breaking down
- Injury liability – assistance with legal and medical costs if anyone is accidentally injured within your property
Find out more from one of our insurance brokers today.
Read the full report from the ICA
The information on this website is to be regarded as general advice. Your personal objectives, needs and financial circumstances were not taken into account when preparing this website content.