A new survey commissioned by GIO shows a 52% non-insurance rate among renters.

The survey, conducted by Newspoll, also found 20% did not know they could buy contents insurance, 56% of non-insured renters believed they could not afford it and 18% were willing to risk losing everything through non-insurance.

Ownership of popular items was high – mobile phones 98%, laptops or home computers 97%, flat-screen televisions 54%, DVD players or recorders 90%, electronic gaming equipment 62% and jewellery or watches worth $1000-plus 43%.

“Contents insurance is seen as a luxury rather than an essential item for many renters,” said GIO Executive Manager of Distribution Shaun Feely.