There are plenty of reasons to take out RAA Contents Insurance to protect your valuable possessions – especially if you're renting.

Isobella Caruso remembers exactly what flashed through her mind 18 months ago when she arrived home to find her front door kicked in.

It wasn’t who might have caused the damage, or even if an intruder was still somewhere inside. She thought about her camera – more specifically, whether or not it was covered by her insurance policy.

The arts industry marketer had just started picking up a lot of freelance photography work, and had left about $5000 worth of camera equipment in the bedroom of the rental property.

“I got really upset… there was no way in hell I was going to be able to buy that camera again,” says Isobella.

“But the first thing I did was call my insurance [provider] and ask if [the camera] was covered.”

Isobella and her housemate lost about $25,000 worth of items in the burglary, including camera equipment, laptops, jewellery and hair straighteners – all of it covered by their contents insurance.

Since that time, Isobella has launched her own arts marketing business, Rebel Yell, and has moved into a new rental with her partner.

Being a business owner has made her more aware of protecting her personal items.

Isobella Caruso

“The last thing I need when I’ve got a million other things to worry about is if my house is broken into and my laptop is at home or my camera is stolen,” says Isobella.

“It would really impact me and I’d need that back straight away.

“I actually couldn’t afford to replace camera gear right now, [and] in terms of my Mac, I couldn’t go and buy one tomorrow either. I would have to get a loan, which I don’t want to do.”

Almost half of all renters don’t have contents insurance, which surprises Isobella.

“[Being burgled] is a really yucky feeling, and no insurance can ever take away that feeling,” she says.

“But at the very least what you can do is not stress financially about having to replace all of your items. It would have been a much more difficult and traumatic experience [for us] if we did not get our stuff replaced.” 

Shaun Ryan, Senior Manager Product and Pricing for RAA Insurance, agrees with Isobella about the value of peace of mind.

He stresses the importance of building and contents insurance for home buyers who have just purchased the most valuable asset they will ever own, as well as contents insurance for those who rent. 

“It’s a way for people to manage their risk… to ensure that, at least financially, they are no worse off because they can replace whatever it is they’ve lost in an event,” Shaun says.

“[Ask yourself], what would it set you back financially if you had to start over again… versus the cost of having that peace of mind?”

Shaun also says that Accidental Damage Cover for personal items that leave the home, like phones, laptops and other electronics, is an important addition to consider.

“If your phone gets stolen or dropped and smashed … a small Accidental Damage Cover addition will take care of what’s really important to all of us, especially young people.”

Isobella also has a piece of advice for those looking to take out insurance for the first time.

“A lot of people I know underquote what their things are worth,” she says.

“They don’t want to pay much for their premiums so they say they only have $15,000 worth. 

“If you spent 15 minutes just trying to roughly add up [the value of your items] you’d be really surprised at how much it stacks up to be. 

“So I would say don’t under-insure yourself. It is worth paying a premium for peace of mind so that if something happens you’re not going to be out of pocket.”