Queensland Renters Face Significant Financial Risk Without Contents Insurance
Queensland Renters Face Significant Financial Risk Without Contents Insurance
The situation is particularly concerning given Queensland's susceptibility to natural disasters, says RACQ Insurance CEO Trent Sayers. Over the past three years, the state has seen an average of $8107 in damages per contents claim, highlighting the financial risk renters face without proper coverage.
"Many renters are already juggling various expenses and see contents insurance as an extra burden. However, the reality is, whether you're renting or own your home, you're equally exposed to risks like theft and storms," Sayers explains. "There are customizable coverage options that can make contents insurance more affordable, and it's crucial to weigh this cost against the potential financial fallout from lost or damaged belongings."
A startling 21% of uninsured renters aren’t even aware that contents insurance exists. This lack of awareness is more pronounced among younger renters, particularly those aged 18-34, making up 59% of this uninformed group.
"Younger renters who are new to living independently might not fully grasp the financial impact of not having this insurance," Sayers notes. "In disasters such as floods, having contents insurance could mean the difference between replacing your belongings or facing significant financial loss."
This statement underscores a critical need for broader educational initiatives to inform renters about the importance and availability of contents insurance. As renters often overlook the long-term benefits of these insurance policies, RACQ Insurance advocates for enhanced awareness to prevent financial distress through preventative measures.
As seen in the original article sourced from RACQ Insurance, this ongoing issue requires immediate attention to better educate and protect renters from unanticipated financial burdens.
Published:Tuesday, 23rd Jul 2024
Source: Paige Estritori
Share this news item:
| ASIC Initiates Legal Proceedings Against Australian Super for Claim Delays 10 Jan 2026: Paige Estritori The Australian Securities and Investments Commission (ASIC) has initiated legal action against Australian Super, the nation's largest superannuation fund, alleging significant delays in processing nearly 7,000 death benefit claims. These delays, some extending up to four years, have raised serious concerns about the efficiency and fairness of the fund's claims handling processes. - read more |
| Australian Insurers Face Challenges in Risk Preparedness 10 Jan 2026: Paige Estritori Recent findings from PwC's Insurance Banana Skins Survey indicate that Australian insurers are trailing behind their global counterparts in preparedness for emerging risks, particularly in areas such as cybersecurity and artificial intelligence (AI). - read more |
| Insurance News to Host Third Annual Conference in Sydney 10 Jan 2026: Paige Estritori Insurance News has announced its third annual conference, scheduled to take place in Sydney on March 19, 2026. This full-day event aims to provide attendees with comprehensive insights into current market trends, industry pressures, and emerging opportunities within the insurance sector. - read more |
| Rising Home Insurance Costs Amid Climate Change Concerns 10 Jan 2026: Paige Estritori Australians are facing escalating home insurance premiums, with climate change playing a significant role in this upward trend. Insurance Australia Group (IAG) has highlighted that the increasing frequency and severity of weather events are contributing to higher costs for homeowners. - read more |
| Who Needs Disability Insurance? If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your continued ability to work to earn an income would therefore be one of your greatest assets. - read more
|
| Comparing Income Protection Policies: What Australians Should Look For Income protection insurance serves as a financial safety net for countless Australians, offering a replacement income when unforeseen circumstances such as illness or injury impede their ability to earn. For the self-employed and entrepreneurs who may not have the safety nets offered by corporate employment, such protection is particularly important. - read more
|
| Income Protection Insurance: A Must-Have for Australian Adults Insurance is a crucial component of financial planning. While many Australians understand the importance of life insurance, there's another vital type of coverage that often gets overlooked: income protection insurance. - read more
|
| Life Insurance Audit: Regular Check-Ups for Your Policy's Health Life insurance serves as a crucial safety net, guarding your loved ones against the unforeseen. Just as you would take care of your health through regular check-ups, it is equally important to ensure that your life insurance policy remains in sound condition to provide the necessary protection. - read more
|
An insurance company, a financial institution that sells insurance.