Tenants put personal property at risk
Tenants are putting millions of dollars worth of belongings across Australia at constant risk from theft and accidental damage because they are much less likely than homeowners to have home contents insurance, according to LJ Hooker.
As a tenant, you are responsible for your contents on the property. The landlord is responsible for the insuring the buildings and any furnishings provided.
The most common reasons for tenants not to take out home contents insurance appear to be the high cost, not having enough possessions to make it worth the while, and the fact that it is not considered an ‘essential’.
Particularly for young people balancing increasing rents, credit card debts and general living costs, home contents insurance is often the low on the expenses list.
However, scrimping on insurance may be a false economy.
Many tenants are young professionals with incomes stretching to item like plasma screens, laptops, iPods and designer clothes. Often they don’t take stock of just how much their possessions are worth.
It is still important to protect what you have; your belongings may be worth more than you think.
It helps to be security conscious too.
Contact the LJ Hooker property management team for more information.