Underinsurance endemic as rental stress bites
Spiralling interest rates and rental charges are preventing tenants from taking up home contents insurance, according to personal lines insurer AAMI.
Only 57% of renters have home and contents insurance, compared with 98% of homeowners, and less than half of renters have updated their contents insurance over the past five years, according to the insurer’s survey of more than 2500 Australians.
Almost half the renters who responded to AAMI’s survey indicated rising interest rates have put them off buying a home.
AAMI spokesman Geoff Hughes says competition is increasingly fierce in the rental market, with the research showing 15% of renters nationally “have been involved in bidding for a rental property”.
Only 57% of renters have home and contents insurance, compared with 98% of homeowners, and less than half of renters have updated their contents insurance over the past five years, according to the insurer’s survey of more than 2500 Australians.
Almost half the renters who responded to AAMI’s survey indicated rising interest rates have put them off buying a home.
AAMI spokesman Geoff Hughes says competition is increasingly fierce in the rental market, with the research showing 15% of renters nationally “have been involved in bidding for a rental property”.