It's easy when you're living in a rented property to fall into the trap of thinking your landlord with assume liability for everything within its four walls - not so in the case of tenant belongings.

For tenants whose goods are damaged or stolen, your landlord's insurance policy will not stretch to replace them - even if you feel the loss could have been avoided given extra security, alternative drainage, or any number of structural changes. Instead, you will need to take out tenant insurance to ensure you don't lose out financially as a result of events that are out of your control.

Tenant insurance is available for rental properties of all shapes and sizes, and covers a broad range of belongings including: indoor and outdoor furnishings, electrical goods, personal belongings, and even credit cards.

Because the majority of insurance policies are based on the consumer's estimate, it's important you conduct a room-by-room assessment of your possessions to ensure your final evaluation is as accurate as possible. Remember, no item is too small! So be sure to include shoes, jewellery, mobile phones, iPods, cameras, computers, glassware, silverware and so on.

Experts generally recommend tenants secure more coverage than they anticipate they'll need. This will prove invaluable in the event the property you're renting is destroyed and you need to start from scratch, including paying advance rents and bonds for a new lease. Of course this will bump up your premiums, but you may decide it's worth it for the peace of mind.

For tenants who've recently changed rental properties, it's important to notify your insurance company. New restrictions may apply depending on the area you move to - particularly if it's a region susceptible to natural disasters. It's worthwhile calling your insurance company if you're concerned that your coverage has been significantly reduced as a result of your move.

General Disclaimer

The information contained in website is general information only and does not constitute legal, financial or compliance advice. As the laws relating to tenancy agreements may have changed we recommend you check with the relevant State or Territory government department. We also recommend that you obtain your own independent legal advice about matters relating to landlord obligations, tenant rights and any legal disputes you may have with a tenant(s).