Renters Insurance Policy Benefits:
Please note that limits, excesses, terms, conditions and exclusions apply to the insurance cover referred to. Refer to policy wording for full details of cover and exclusions. For full policy and benefit terms and conditions please go to aainsurance.co.nz/terms
Frequently asked questions
If you and your belongings have moved out of your parents’ home then you will no longer be covered by their Contents insurance, so will need to take out your own policy. Unlike a family home, if you are flatting, your Contents insurance only covers your belongings and not your flatmates' as well.
Your Contents insurance will also cover your legal liability up to $2million, should you accidentally damage someone else’s property, such as causing a kitchen fire while cooking. Without legal liability you may need to pay for the damage out of your own pocket. It’s advisable for each flatmate to take out their own Contents insurance, even if they have very few belongings, because you don’t want to potentially face a lifetime of debt should the worst happen.
However, if you’re a tertiary student living in a boarding school or in tertiary accommodation you’ll be covered under your parents Contents insurance with AA Insurance. This is up to $5,000, and includes your legal liability.
Your Contents insurance only covers your possessions while they are in New Zealand. You need to have travel insurance for your belongings overseas, and as with contents insurance you will also need to specify high value items. Check with your travel insurer for policy details.
We don’t cover criminal acts, such as theft, and deliberate or reckless damage to your property that involves a guest to your home.
However we do cover theft by a guest in your home, on the provision that you’ve taken reasonable care as to whom you’ve invited into your home, as well as look after your property.
Five tips for renters to take the stress out of renting
The term ‘generation rent’ highlights the fact that 30 per cent of all Kiwis are now renting, many because they’re unable to afford to buy a home of their own. As the market grows, it therefore makes sense for tenants to better understand their rights and responsibilities.
Contents insurance for beginners
Price is often a motivating factor for choosing contents insurance, but the cheapest may not be the best for your circumstances.
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