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:
| nib Health Insurance Premiums to Rise by 5.79% in 2025 05 Jan 2026: Paige Estritori nib holdings limited has announced an average increase of 5.79% in health insurance premiums, effective from 1 April 2025. This adjustment reflects the insurer's response to escalating healthcare costs and heightened utilisation of medical services. - read more |
| Enhancing Digital Integration: ADHA's Plan for Allied Health Professionals 05 Jan 2026: Paige Estritori The Australian Digital Health Agency (ADHA) has introduced the National Allied Health Digital Uplift Plan, a strategic initiative designed to bolster the digital capabilities of allied health professionals across the nation. This plan aims to facilitate seamless sharing of health information among practitioners, patients, and multidisciplinary care teams, thereby enhancing the quality and efficiency of patient care. - read more |
| Strengthened Legal Safeguards for Whistleblowers in the Health Sector 05 Jan 2026: Paige Estritori Recent amendments to the National Law have introduced robust legal protections for whistleblowers within the health sector, marking a significant advancement in promoting transparency and accountability. These changes criminalise any form of retaliation against individuals who report misconduct, including the use of non-disclosure agreements (NDAs) to suppress such disclosures. - read more |
| AUSactive and Private Healthcare Australia Join Forces to Enhance Preventive Health Coverage 05 Jan 2026: Paige Estritori In a significant move towards integrating fitness services into health insurance coverage, AUSactive has partnered with Private Healthcare Australia (PHA) to drive reforms in the private health insurance sector. This collaboration seeks to expand access to evidence-based preventive health services, including Pilates, Yoga, Tai Chi, and structured exercise programs delivered by accredited professionals. - read more |
| Understanding the Role of Life Insurance in Financial Security Life insurance can seem complex at first, but understanding the basics can help demystify this important financial product. At its core, life insurance is a contract between you and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon your passing, in exchange for premium payments. - read more
|
| Life Insurance and Estate Planning: What You Need to Know Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more
|
| How to Prepare Financially for Unexpected Sickness Life is full of surprises, and unfortunately, not all of them are pleasant. Unexpected sickness can strike anyone at any time, and when it does, it can have a significant impact on your income. Whether it’s a sudden illness, a chronic condition, or an accident, the loss of income can add stress to an already difficult situation. - read more
|
| How Much Life Insurance Do You Truly Need? Assessing Your Personal Coverage There's often confusion surrounding the amount of life insurance one truly needs. Common misconceptions cloud our judgment, leading some to undervalue their coverage, while others may overinsure, unnecessarily straining their financial resources. It is a delicate balance to strike, and understanding the nuances of life insurance is pivotal to making informed decisions. - read more
|
The concept that individuals may take on more risk when they do not bear the full consequences of that risk, often relevant in insurance scenarios.