Australian Property News

More than half of renters choose not to insure

Posted on Thursday, March 18 2010 at 10:09 AM

More than half of Australian renters aren't insuring their property against fire, flood, damage and theft, according to Newspoll survey results.

"Australian renters are finding the cash to furnish their homes with the latest technology and comforts, but there is not the same enthusiasm to invest in protecting these assets," said GIO executive manager of distribution Shaun Feely.

For 56 per cent of respondents, cost was the reason; 14 per cent said they believed their possession value wasn’t worth insuring and; 18 per cent were willing to take the risk of not having insurance.

"Contents insurance is seen as a luxury rather than an essential item for many renters," said Feely.

"There are ways that renters can lower the cost of their contents insurance, such as choosing a higher excess," he said.