Best Contents Insurance for Renters?

Hey, I'm looking at getting contents/renters insurance for the first time, trying to work out what's worth paying extra for.

So far I've found that Woolworths Comprehensive Insurance is the cheapest with accidental coverage added, but with a $500 excess. For the same price Westpac will do a $100 excess with no accidental coverage.

I've tried comparing across companies but it seems like nothing is standard. Some cover mobile phones, some cover pet damage, some cover outdoor furniture. Let alone customer service quality. What's worth paying for, what's a gimmick, what will end up being a trap or a gotcha down the road?

Is there any way to compare fairly here? Or are there any OzBargain approved contents insurance companies that always offer the best $/performance?

Comments

  • +2 votes

    Have you asked the Meerkats yet?

    But seriously, congrats on moving out to a place.

    All companies offer similar yet slightly different products and the only way to know exactly which one is best for you is to read the PDS.

    I've never bothered with accidental damage coverage as to me its not worth it. All companies have max limits on certain categories of items, so look into Specified Items and Specified Portable Valuables. Phones will bump up your price as they will be portable values and covered outside the house. Laptops are the same. Think about how many times you have lost / damaged a phone and if its worth the cost to add it to your contents policy. (again not something I have ever bothered with but I have also never lost or damaged a phone)

    You will also find most (if not all) policies wont cover damage caused by anyone you invited into your property (i.e. drunk friends), so think about what cover you want and why and read the PDS.

    Fusion is also another one of those extras that I dont think is worth the cost. (its burnout of electrical motors in appliances) Most appliances comes with decent warranties and I would just call the manufacturer rather than my insurance company.

    Tips:
    - Everything is replaced new for old, so when calculating your sum insured dont think about how the items cost you to buy, but what they would cost to buy new right now. Insurance Companies dont care you bought your coffee table for $10 on Gumtree with cash; its RRP is $40 so thats its insurable value.
    - Clothing costs more than you think to replace
    - You can normally increase (or cover individual items) from certain categories in your home for no extra cost. (DVD collections, jewellery etc)
    - You will get discounts for multiple policies with the same insurer so dont forget to check the companies where your car is insured
    - If you dont have car insurance get car insurance
    - READ THE PDS

  •  

    I got Coles, very cheap and I get double flybuys points. Was a bargain

    •  

      When do the flybuy points trickle down? I signed up to a home and contents policy but no points have dropped.

      •  

        I was sent an offer of 5000 points to sign up but that was over a year ago. But I get double flybuys points shopping at coles

  •  

    I don't have that :(

  • +1 vote

    Not sure where you live, but I've previously used RAC (WA) and found they were very good for the price if you're after basic cover. Like a previous commenter I've never bothered with accidental damage cover as I don't think it's worth the extra premium. I did make a claim with RAC after we were burgled and they were excellent to deal with, no issues at all, for electronics stolen they gave us the option of taking cash payment or having replacements ordered for us through JB Hi-fi.

    I've since switched over to Westpac as I wanted personal valuables cover which I found was much better at covering belongings when outside of the home/ travelling vs travel insurance, and covered me for domestic travel also. I found Westpac were best value for money for this. Ironically, while I don't have accidental damage cover, the personal valuables cover means that if I was outside of my home and happened to "drop" my phone or camera in the river I could have it replaced for a $100 excess.

    Like others have said, read the PDS. Yes they suck but once you get through one they're all generally much of a muchness and you'll soon figure out the key parts to focus on.