What is your contents sum insured?
Contents sum insured
Your contents sum insured is the amount your contents are covered for (excluding specified items) and includes GST. It’s the total value of all your general household contents, like furniture, appliances and clothing. It is:
• The maximum amount you can claim in a single event for loss or damage to your household contents, excluding specified items, minus any applicable excess.
• An amount you need to choose.
• Something you can update at any time, not just at the renewal of your contents policy.
Specified sum insured
Some items have maximum limits we’d pay if lost or damaged. For example, jewellery, watches, works of art, and bicycles are only covered up to certain amounts. If you wish to insure an item worth more than its policy limit, you'll need to list it in your policy as a specified item with a specified sum insured. This allows you to cover the item for the amount you specify.
Note that if you choose to list something as a specified item, you don't need to include the value of it in your contents sum insured, as these items are covered separately.
How to calculate your sum insured
The Contents Calculator is a simple, free way to get an estimate of how much it would cost to replace your household contents – that is, what it would cost to buy your items new.
What your contents sum insured should include
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Contents you own or are legally responsible for, including furniture, clothes, appliances, and other personal property.
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Gifts another person owns that are being kept at your home.
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Contents owned by your family members living with you or students living away from home while studying.
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Contents your children own that are left with you while they live outside New Zealand.
Important to note
- This Contents Calculator provides an estimated sum insured for your contents, but it is a guide only. You must make your own decision on the sum insured that is right for your circumstances. Ensure that your sum insured is adequate for your possessions.
- If you think your amount isn’t correct, you can change it online.
- ASB doesn't have access to the information you enter in this calculator or the estimate, so if you'd like to adjust your contents sum insured or add additional cover for special items on your existing ASB Contents Insurance policy, you can change it online on the ASB Mobile Banking app or FastNet Classic internet banking.
- If you’re unsure and would like a recommendation on your contents sum insured, you could consider contacting a registered valuer who can provide a qualified opinion.
- Our contents insurance policy doesn’t always pay out the full replacement cost for every type of personal property.
- The Contents Calculator is an independent tool. The information it provides is general information, is not a recommendation, opinion or guidance, does not provide any advice or opinion on the extent or adequacy of your cover, is not financial advice and does not take into account your particular situation.
What’s covered with ASB Contents Insurance
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Repair or replacement: If we decide repairing the item is economical, we'll pay the cost to repair it as near as reasonably possible to the same condition it was in just before the damage. If it is not economical to repair, then we'll pay the cost to replace the item as close as possible to its equivalent condition when new.
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Repair or present value: For some household contents like books, clothing or footwear we only pay either the cost to repair the item to the same condition it was in just before the damage or the present value of the item. The present value is the estimated cost of replacing the item with one from a supplier in New Zealand of equivalent age, quality and capability. Computer hardware and mobile phones are also covered for present value if they're over five years old.
Check your ASB Classic Contents Insurance policy wording for more information on which items are covered for replacement cost and which items are covered for present value. You’ll find full details of cover in Section 2 of our policy document.
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Regularly check your cover
Don’t forget to check that your contents sum insured is up-to-date and reflects the repair or replacement costs of your belongings. Regularly review your cover, especially at renewal and any time you make changes to the things you own. Ensure you calculate the right amount of cover you need, so we can help replace all of your household contents if they're destroyed.
Things to consider
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Sum insured adjustment
We may adjust your contents insurance sum insured at renewal to factor in changes in repair and replacement costs. However, you know the value of your contents best. The adjustment we make to your contents sum insured doesn't account for your unique situation, including any changes you've made to your contents or the accuracy of the contents sum insured you chose when your policy began.If you have specified items under your ASB Contents Insurance policy, your specified sums insured for these items will remain at the value you nominated. As we do not review or change your specified sums insured at renewal, you’ll have to ask us to update these sums insured if you want them changed.
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Flatting
If you're flatting, you only need to include the value of your own possessions, not those owned by your flatmates. You can still use the Contents Calculator by adjusting your responses to only select the rooms your possessions are in and adding the household contents you own. -
Landlords
We offer a separate Landlord's Protection policy for insuring contents in properties that are rented out for more than 90 days. -
Get advice from a professional
If you’d like professional advice on an estimated cost to replace your household contents, you can consult with a registered valuer.
All your insurance, all in one place.
With ASB, you can protect your home, your stuff, and your family – all in one place. Our experts are here to help find cover that’s just right for you.
The availability of insurance cover is subject to your application being approved. Terms, conditions and exclusions apply. For full details, refer to the Policy Wording which is available from ASB Bank Limited. ASB General Insurance is arranged by ASB Bank Limited and underwritten and administered by IAG New Zealand Ltd. See details about IAG's financial strength rating.
The Contents sum insured calculator estimates the value of your household contents using values supplied by Sum Insured Pty Ltd (“SI”). Your use of the Contents sum insured calculator is authorised on the condition that SI, ASB and IAG (and their related companies) do not warrant the accuracy, currency or completeness of the estimated value and do not have any liability of any kind for any loss or damage howsoever arising (including through negligence) in connection with your use of the Contents sum insured calculator.