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Moving out of home? You might need renters insurance

It’s time. You’ve packed your bags, said your goodbyes and flown the coop – or you’re thinking of the big move out, at least. But there’s more to moving out than cardboard boxes and fond farewells. You need to think about how you and your belongings will be covered now that you’re no longer at home on and covered on mum dad’s insurance policies.

Here, we run through the types of insurance you should consider when you leave home.

Renters insurance

Renters insurance, also known as rental property insurance, can provide cover if your possessions are damaged or stolen. It’s a handy thing to have – because while your landlord is responsible for insuring the building you live in, they’re not responsible for insuring your personal belongings.     

Many people think they don’t need renters insurance, believing that their possessions aren’t worth much. Think about how much it would cost to repurchase your clothing, furniture, appliances, watch, jewellery, electronics, artworks or collectibles? Renters insurance could offer cover for the replacement value of your contents for as little as $10,000, which could mean that you are paying less than what you might expect for peace of mind.

Renters insurance usually covers things such as furniture, jewellery, artworks and sporting equipment – but often includes liability, too. This means that if someone injures themselves while visiting the property you rent, your legal liability may be covered. 

As well as considering what is and isn’t covered  by a policy, it’s important to consider who will be doing the covering. 

Unfortunately, you can’t take renters insurance out for individual rooms, so if you’re moving out to a  share house, you won’t be able to protect your room alone. What you can do, however, is sit down with your flatmates and have a chat about renters insurance for the entire property. Then, depending on whether or not they want to chip in, you can add or leave their belongings off the valuable items list. It’s as simple as that. 

You may be wondering whether insurance is expensive, given you’re about to become responsible for a range of new expenses. The answer? Well, it depends. You can choose between different levels of cover to find a policy that suits you and your budget. 

Building insurance

If you’re moving out of home for the first time, it’s more than likely that your moving into a rental property. For you, renters insurance should be a priority. But if you’re one of the fortunate few who are moving into a home of your own, then building insurance is something you must also consider. 

Building insurance provides cover for the permanent fixtures and fittings of your building in the event of loss or damage. Generally, it covers the cost of repair, replacement or rebuilding if the damage is caused by fires, storms and floods. Loss or damage caused by theft and malicious acts is usually covered too.

However, it’s important to note that – depending on your insurer and the level of cover you’ve chosen – building insurance may exclude loss or damage caused by things like general wear and tear, neglect of your property and bad workmanship.

There are two main types of building insurance: sum insured and total replacement. A sum insured policy covers repairing or rebuilding your home up to a fixed amount, chosen by you. It’s generally the cheaper of the two options. A total replacement policy, on the other hand, covers the total cost of repairing or rebuilding your home.


Moving out of home for the first time is one of the most exciting and significant things you’ll ever do. By insuring all your first and cherished possessions against loss or damage, and covering yourself for any potential liabilities, you’ll be doing your future self a massive favour.  

Need Insurance?

Making the big move? Check out our flexible options for home, and renters insurance.

Renters insurance explained

So, you’ve just moved into a rental property and you’re considering taking out renters insurance. But where do you even start? While renters insurance is a smart and sensible way to financially protect your belongings, it’s not something you immediately think about when moving into rental accommodation.

Read more

Do you need renters insurance in a shared house?

If it’s time to find a place of your own, you need to know what type of insurance to get. After all, your personal belongings are both valuable and precious to you. Renters insurance can give you peace of mind and get you back on your feet if something you own is stolen or damaged.

Read more

The Detail

The information contained in this article is general information only and is not specific to any product.  

It does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs to these factors before acting on it.

Terms, conditions and exclusions apply to any insurance product. Please read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding.

Cover is subject to your application for insurance being accepted.

Product Disclosure Statements (PDS)

Home and Contents Insurance Product Disclosure Statement (PDF 480KB) (applicable to policies issued or renewed on or after 5 April 2021)

Home and Contents Insurance Product Disclosure Statement and Supplementary Product Disclosure Statement (PDF 1MB) (applicable to policies issued or renewed in the period between 1 July 2019 and 4 April 2021)

Product Disclosure Statements (PDS)

Landlord Insurance Product Disclosure Statement (PDF 446KB) (applicable to policies issued or renewed on or after 5 April 2021)

Landlord Insurance Product Disclosure Statement (PDF 2MB) (applicable to policies issued or renewed in the period between 1 July 2019 and 4 April 2021)

This information does not take your personal objectives, circumstances or needs into account. Read the relevant PDS(s) to see if this insurance is right for you.

View the Retail and Business Banking Financial Services Guide, Credit Guide and Privacy Statement. (PDF 147KB)

Home and Contents Insurance is issued by Westpac General Insurance Limited ABN 99 003 719 319 (except workers compensation cover where applicable).  Bank of Melbourne  – a Division of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) distributes the insurance, but does not guarantee the insurance.