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
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Insurance News

Cyclone Pool Delivers Relief, But Farmers Still Need to Check Cover

30 Jun 2026: Paige Estritori

The Australian Competition and Consumer Commission�s final monitoring report on the cyclone reinsurance pool has delivered a mixed message for rural and regional northern Australia. The pool appears to have helped ease some premium pressure for medium to high cyclone-risk areas, including reductions across home, strata and small business building and contents cover. For farm families and agribusinesses in cyclone-exposed regions, that is welcome news after years of rising costs and limited choice. - read more

El Niño Outlook Puts Farm Risk Planning Back in Focus

23 Jun 2026: Paige Estritori

Australia’s latest El Niño declaration has turned seasonal risk planning into an immediate priority for many rural and regional businesses. The Bureau of Meteorology confirmed El Niño conditions in mid-June, with forecasts indicating the tropical Pacific is likely to keep warming through the coming months and remain a factor until at least the end of the year. - read more

NRMA's Departure from Farm Insurance: What It Means for Australian Farmers

16 Jun 2026: Paige Estritori

In a significant shift within the Australian insurance landscape, NRMA has announced its withdrawal from the farm insurance market, ceasing the sale of new policies as of July 1, 2025. This decision affects both Hobby Farm Insurance and Rural Farm Insurance offerings, leaving many farmers in search of alternative coverage options to safeguard their livelihoods. - read more

New Partnership Strengthens Risk Management in Australia's Protected Cropping Sector

16 Jun 2026: Paige Estritori

Protected Cropping Australia (PCA) and Achmea Farm Insurance have announced a strategic partnership aimed at bolstering risk mitigation and resilience within Australia's protected cropping sector. This collaboration seeks to empower growers by providing tailored insurance solutions and promoting best practices in risk management. - read more

ABARES Report Highlights Insurance as a Key Tool for Managing Agricultural Risks

16 Jun 2026: Paige Estritori

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) has released a comprehensive report examining the role of insurance as a risk management tool for Australian farmers. The report emphasises that while insurance cannot protect against inevitable events like climate change, it can be instrumental in managing the variability and unpredictability inherent in farming. - read more

ABARES Forecasts Significant Decline in Australian Farm Profits

09 Jun 2026: Paige Estritori

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) has released a report forecasting a substantial decline in broadacre farm profits, projecting a 70% decrease to approximately $65,000 per farm. This downturn is attributed to escalating input costs and persistent drought conditions affecting various regions. - read more

Click for more Insurance News

Farm Insurance Articles

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

Agribusiness Risk: Liability Issues Facing Australian Farmers Today

The agricultural sector in Australia carves a significant portion of the country's economy, contributing to its GDP and providing employment across rural and suburban areas. Thus, navigating the complexities of agribusiness is not just a matter of crop cultivation and livestock management, but also of understanding the intricate web of liability risks that come with the terrain. - 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

The Farmer's Handbook to Quick and Effective Insurance Claims

Insurance is a vital part of safeguarding any farming operation. As a farmer, protecting your property, equipment, and livelihood from unexpected events like natural disasters, theft, or accidents is crucial. Adequate insurance coverage ensures that you can recover quickly from setbacks without enduring overwhelming financial strain. - read more

Investing in Cybersecurity: A Crucial Step for Sustainable Farming

Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. In the context of agriculture, it involves safeguarding the digital solutions and technologies that have become intrinsic to modern farming operations. As technological advancements continue to revolutionize the farming landscape, the importance of cybersecurity in securing farm data and operations has become more pronounced. - read more

The Impact of Weather on Farm Insurance Rates: What You Should Know

Farming in Australia is a dynamic venture that requires careful planning and management. One of the crucial aspects every Australian farmer should consider is farm insurance. It provides a safety net against potential financial losses arising from various risks. These include natural disasters, damage to crops, livestock issues, and accidents on the farm property. - read more

Need a Quote?

Start your free farm insurance quote comparison here.

Knowledgebase

Insurance Policy:
Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.

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 act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. 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 independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.