Data from the Insurance Council of Australia (ICA) shows that four out of five tenants are under insured or completely uninsured making them extremely vulnerable to financial loss. In ASIC’s 2017 Financial Capability Survey and in an Australian Research Council Discovery Project analysing the 2018 Hobart Floods, it has emerged that a lack of financial literacy is the major contributor to under insurance, rather than a lack of affordability.
You may not realise that as tenants you need insurance, however in the event of disasters, emergencies and thefts, tenants often suffer personal and financial grief when they lose vital and valuable possessions and are unable to replace them. Following disasters and emergencies in Australia, there have been many cases where homelessness has occurred as tenants are unable to stay in damaged premises and they do not have insurance in place to cover the costs of temporary accommodation.
With an increasing number of households in the rental market in Australia, we understand our responsibility to ensure that our tenants are aware of the need for Tenants Insurance to cover their contents, personal possessions, public liability and to assist with temporary relocation if needed. Without the right insurance information provided, the right cover in place and the right support and assistance throughout a claims process, people may not be able to help you bounce back from a disaster, emergency or theft.
Please contact us today to find out how we can help you get the right cover for you.