If your belongings are lost or damaged, your contents sum insured is the maximum amount you can claim to repair or replace them. For example, if your home is destroyed in a fire, flood or earthquake, you'll need enough cover to replace all your contents at the same time.
Your sum insured needs to include the combined value of your general contents, like your appliances, furniture and clothes, plus GST. If you underestimate your contents sum insured and the amount is too low, you may not have enough to replace all your things.
Some items have limits on the amount you can claim. Items such as jewellery, bicycles and works of art are only covered up to a certain amount.
If you want to cover something that’s worth more than its policy limit, you’ll need to list it in your policy as a specified item with its own specified sum insured, separate from your general contents.
It’s important you review your sum insured regularly to make sure it’s enough to cover your current contents. Check it includes new items you’ve bought, consider any high-tech household goods, and the cost of inflation if you had to replace your things at today’s prices.
If you’re flatting, your sum insured only needs to cover the value of your own belongings, not things your flatmates own, or your landlord has provided. Set the contents calculator to include only the rooms your things are in and the items you own to help you figure out your sum insured amount.
The contents calculator is an independent tool by Sum Insured Pty Ltd, that helps you calculate your things room-by-room and provides a total estimated value of your contents.
It uses the information you provide about your household’s belongings and your address, then recommends a cost based on households similar to yours.
If you’re a landlord, the calculator isn’t suitable for assessing the contents you provide your tenants. Get in touch with us if you need help understanding your landlord’s contents sum insured.
