Brighter Buying

Cover your butt: how renters, home owners and renovators can protect their finest assets

by Kate Watt, Marketing Manager 26 July 2018

Love your assets? Most of us do. But nearly 80 per cent of us are under-insured according to the Insurance Council of Australia.

These are amongst the popular search parameters property hunters are using when seeking out their dream home, according to

While insurance isn’t the most exciting topic to think about, you want to make sure your butt is covered should the unthinkable happen.

And we’re not talking partial coverage, we’re talking the full granny pants level of coverage.

Depending on your circumstances, there are different types of insurance that will keep your property protected, reports Property Update.

  • Contents insurance: Whether you rent or own your own home you’ll want to make sure you have a high enough level of insurance to replace items inside the home should they be damaged. Got no idea how much it would cost to replace your stuff? Check out the Insurance Council of Australia contents calculator.
  • Building cover: If you own or are buying your own home then you’ll need to insure against building damage or destruction. Some insurers will offer a full replacement value policy which reduces the risk of underinsurance, but more commonly you’ll buy insurance up to a set amount. Check out ASIC’s Money Smart website for more information and help with estimating rebuilding costs.
  • Landlord insurance: While many insurers offer landlord insurance make sure you’re clear on the details. Depending on the type of rental agreement you have (short-term vs long-term) you may need a different policy and changes in rent can also change your insurance needs.
  • Cover for renovations: Often your building cover will include some amount of coverage for renovations but it may fall short of your actual needs. So if you’re planning a reno contact your building insurer to see if you need a separate policy.

Want a new asset to protect? View our current listings for sale or check our listings for rent.