Farm Insurance :: News

Share this news item!

Queensland Renters Face Significant Financial Risk Without Contents Insurance

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Queensland renters are increasingly vulnerable to financial setbacks due to a lack of contents insurance, warns RACQ Insurance.

An alarming 78% of renters in Queensland forgo this critical coverage, primarily underestimating the value of their belongings.

Other reasons for this trend include the cost of insurance and a general lack of knowledge regarding coverage options.

The situation is particularly concerning given Queensland's susceptibility to natural disasters, says RACQ Insurance CEO Trent Sayers. Over the past three years, the state has seen an average of $8107 in damages per contents claim, highlighting the financial risk renters face without proper coverage.

"Many renters are already juggling various expenses and see contents insurance as an extra burden. However, the reality is, whether you're renting or own your home, you're equally exposed to risks like theft and storms," Sayers explains. "There are customizable coverage options that can make contents insurance more affordable, and it's crucial to weigh this cost against the potential financial fallout from lost or damaged belongings."

A startling 21% of uninsured renters aren’t even aware that contents insurance exists. This lack of awareness is more pronounced among younger renters, particularly those aged 18-34, making up 59% of this uninformed group.

"Younger renters who are new to living independently might not fully grasp the financial impact of not having this insurance," Sayers notes. "In disasters such as floods, having contents insurance could mean the difference between replacing your belongings or facing significant financial loss."

This statement underscores a critical need for broader educational initiatives to inform renters about the importance and availability of contents insurance. As renters often overlook the long-term benefits of these insurance policies, RACQ Insurance advocates for enhanced awareness to prevent financial distress through preventative measures.

As seen in the original article sourced from RACQ Insurance, this ongoing issue requires immediate attention to better educate and protect renters from unanticipated financial burdens.

Published:Tuesday, 23rd Jul 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

WFI Insurance's $250,000 Donation Supports Flood-Affected Queensland Farmers

30 Nov 2025: Paige Estritori

In response to the catastrophic flooding that has devastated parts of western Queensland, WFI Insurance has stepped forward with a substantial donation of $250,000 to Rural Aid. This contribution is aimed at bolstering relief efforts for farming communities grappling with the aftermath of the region's most severe floods in half a century. - read more

AFCA Supports Significant Home Insurance Premium Increase Based on Updated Flood Risk Assessment

30 Nov 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently upheld a substantial increase in home insurance premiums for a property, attributing the rise to updated assessments of flood risk. This decision underscores the critical role of accurate risk evaluation in determining insurance costs and the necessity for property owners to stay informed about potential changes in their risk profiles. - read more

Revolutionising Crop Insurance: DAS Unveils Cutting-Edge Data Tool

22 Nov 2025: Paige Estritori

Digital Agriculture Services (DAS) has introduced an innovative crop insurance solution in Australia, leveraging machine learning, automapping, and geospatial data to improve policy accuracy. This tool is designed to assist insurers, underwriters, brokers, and loss adjusters by precisely locating insured paddocks and identifying crop types, yields, and other critical details. - read more

Significant Drop in Farm Liability Claims Reflects Improved Safety Measures

22 Nov 2025: Paige Estritori

WFI Insurance has reported a notable decrease in farm liability claims across most categories, including a 75% reduction in falls from height over the past year. This decline suggests that Australian farmers are adopting more effective safety practices, leading to fewer accidents and injuries. - read more

IAG and Ag Guard Forge Partnership to Elevate Crop Insurance for Australian Farmers

14 Nov 2025: Paige Estritori

In a significant development for Australia's agricultural sector, Insurance Australia Group (IAG) has announced a strategic partnership with Ag Guard, a specialist rural underwriting agency. This collaboration will see Ag Guard managing the underwriting for IAG-owned CGU and WFI's crop insurance portfolios starting June next year. - read more

WFI Insurance and AgCarE Collaborate to Incentivize Sustainable Farming Practices

14 Nov 2025: Paige Estritori

In a move to promote sustainable agriculture, WFI Insurance has partnered with AgCarE, a certification program developed by AgForce, to offer premium reductions to farmers who achieve AgCarE certification. This collaboration aims to enhance financial, environmental, and social outcomes for Australian farmers and rural communities. - read more

Click for more Insurance News

Farm Insurance Articles

Secure Your Farm's Future: Understanding the Importance of On-Farm Risk Assessment

In the ever-evolving landscape of modern agriculture, the security and stability of a farm hinge on thorough preparation and strategic foresight. A pivotal component in safeguarding a farm's future lies in the critical role of on-farm risk assessment. This process provides a structured approach to identifying potential risks that could affect a farm's operations, financial health, and overall sustainability. - read more

Income Protection for Farmers: Ensuring Stability Through Tough Times

The world of farming is one filled with uncertainties. Weather conditions, market prices, and various other factors can create a highly volatile income stream for those within the agricultural sector. This unpredictability can lead to financial instability that impacts not only the farmers themselves but also their families and the larger rural community. - read more

Essential Coverage vs. Optional Add-ons: Balancing Protection and Costs

For Australian farmers, having the right insurance coverage isn't just a safety net—it's an integral part of sustaining their livelihood. Natural disasters, unpredictable climate conditions, and the inherent risks of agricultural production underline the critical importance of robust insurance for the agricultural community. As farmers navigate the complexities of insurance, understanding the basics becomes the first step toward securing their assets and ensuring the continuity of their operations. - read more

The Ultimate Guide to Affordable Farm Insurance for Australian Farmers

Welcome to 'The Ultimate Guide to Affordable Farm Insurance for Australian Farmers.' As stewards of the vast Australian countryside, farmers face an array of unique challenges and risks. Every day, they grapple with the forces of nature, the volatility of the markets, and the complexities of modern agricultural operations. - read more

Understanding Farm Equipment Insurance: What Rural Australians Need to Know

Farm equipment insurance is crucial for rural Australians who rely on their machinery for agricultural productivity. This insurance provides a safety net, helping to mitigate the financial risks associated with equipment loss or damage. - read more

Preparing for the Worst: Developing a Comprehensive Disaster Response Plan for Your Farm

As a farmer, you know that unexpected events can have a significant impact on your farm and your livelihood. Natural disasters, such as floods, fires, droughts, and storms, can occur at any time and have devastating consequences. That's why it's crucial to have a comprehensive disaster response plan in place to protect your property, assets, and, most importantly, your loved ones and livestock. - read more

Need a Quote?

Start your free farm insurance quote comparison here.

Knowledgebase

Deductible:
The amount you must pay out-of-pocket for expenses before your insurance company covers the remaining costs.

This website is owned and operated by Clark Family Pty Ltd (as Trustee for the Clark Family Trust) 43 Larch Street Tallebudgera QLD 4228, A.C.N. 010281008.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.