RACQ Insurance warns uninsured Queensland renters that they risk facing significant financial expenses if their belongings are damaged.

The insurer says 78% of Queensland renters do not have contents insurance, with a perceived lack of worthy items to insure the primary reason for the lack of cover.  

Cost of insurance and a lack of knowledge about coverage were also recorded as reasons why renters chose not to purchase insurance.  

RACQ Insurance CEO Trent Sayers says the trend is “alarming”, particularly in a disaster-prone state like Queensland. The average cost of contents claims for the past three years across the state amounts to $8107.  

“Many are struggling with expenses and insuring their contents drops off the priority list,” Mr Sayers said.

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

“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.”  

Mr Sayers says 21% of uninsured renters have not heard of contents insurance – 59% of which are 18-34 - indicating that education is important.   

“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.”