The study found that 78% of Queensland renters had not insured their contents and 21% of uninsured people had never even heard of contents insurance.

Chief Executive Insurance Trent Sayers said in the event of theft or disaster, uninsured renters would have to bear the full cost of replacing their belongings.

“We know that Queensland renters are doing it tough," Mr Sayers said. 

"Many are struggling with expenses and insuring their contents drops off the priority list.

“But when you're renting, you're just as likely as a homeowner to be caught in a storm or be impacted by theft.”

In the past three years, RACQ received 1,279 contents claims from renters related to storm, flood, fire or theft, with the average cost per claim at $8,107.

For those who had considered contents insurance, the main barriers were a perceived lack of worthy items to insure (26%), the cost (21%), or not knowing enough about it (8%).

“Replacing items such as furniture, appliances, clothing, jewellery and technology can add up quickly and become a significant financial cost,” Mr Sayers said.

“We understand that adding another expense can be daunting however there are some options to customise your coverage which may help reduce the price of contents insurance.

“The cost needs to be weighed against the potential financial impact that could result from loss or damage to personal belongings.”

For the 21% of people who had not heard of contents insurance, it was most evident among younger renters, with 59% of those aged between 18-34 falling into this category.

“This age group, often new to the responsibilities of independent living, may not fully understand the implications of not being insured,” Mr Sayers said.

“In the event of a disaster like flooding, if your personal belongings are damaged, destroyed or stolen, contents insurance may help to repair or replace them with brand new items.”

Find out more about RACQ contents insurance here: Contents Insurance | RACQ 

Things to note

Findings from RACQ Quantitative Test Survey, Feb 2024, n=702

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