Contents Insurance Sum Insured

Choosing the right level of contents cover is important, but it can be tricky to get it right. We're here to help you understand how to calculate your contents sum insured and protect your belongings.

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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 needs to include the value of your general contents, like furniture, appliances and clothing. 

Specified sum insured

This Contents Insurance policy has maximum limits on some items. 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 you don't need to include the value of any specified items in your contents sum insured, as these items are covered separately.

Regularly check your cover

It's your responsibility to check your contents sum insured is up-to-date and reflects the costs of repairing or replacing your belongings. Please regularly review your cover, especially at renewal and any time you make changes to the things you own. If you don't have the right amount of cover you need, you might not be able to replace all your contents if they're destroyed.

  • Use the sum insured calculator

    The Contents sum insured calculator is a simple, free way to get an estimated figure of the cost to replace your contents. The calculator will give you values based on what it would cost to buy your items new, but keep in mind our contents policies don't provide replacement cover for everything.

Your cover

  • Repair cover
    If we decide repairing the item is economic, we'll pay the cost to repair it as near as reasonably possible to the same condition it was in just before the damage.

  • Replacement cover
    If certain items are lost, stolen or cannot be repaired, we'll replace the item with the closest equivalent item. If a closest equivalent item does not exist, we'll pay the present value. 

  • Present value
    For some items like books, clothing or footwear we only pay the present value (the estimated cost to replace the item with one of equivalent age, quality, capability and condition). Computer hardware and mobile phones are also covered for present value if they’re over five years old. 

Check your policy wording for more information on which items are covered for replacement and which items are covered for present value.

Things to consider

  • Sum insured adjustment
    We may adjust your contents sum insured at renewal to factor in changes in repair and replacement costs. However, you know your belongings 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 Contents 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 must ask us to update these sums insured if you want them changed.

  • Contents and specified items
    Your contents sum insured needs to factor in all your household goods and personal belongings. Your specified sum insured needs to include any specific items you have that are over the limits in the policy wording. You should always work out the value of your contents separately from any specified items to make sure you have enough cover for both. Check your policy wording for information on the limits that apply to certain types of contents. For example, the most we will pay for a watch or an item of jewellery is $3,000.

  • Flatting
    If you're flatting, you only need to include the value of your own items, not those owned by your flatmates. You can still use the calculator by adjusting your responses to only select the rooms your stuff is in and including the items you own.

  • Professional help
    If you would like professional advice on an estimate to replace your contents, you can consult with a registered valuer.

More information

What your contents sum insured is

  • The maximum amount you can claim in a single event for loss or damage to your contents, excluding specified items, minus any applicable excess.
  • An amount you need to choose.
  • Something which you can update at any time, not just at policy renewal.

What your contents sum insured should include

  • Contents you own or are legally responsible for.
  • Contents your family owns or are legally responsible for. By 'family' we mean any member of your family who is either permanently living with you or is a student attending a school or tertiary institution and living away from home while attending the school or tertiary institution.
  • Gifts another person owns that are being kept at your home. 
  • Contents your children own that are left with you while they live outside New Zealand.

More about the Contents sum insured calculator

Important to remember:

  • This 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 appropriate for your circumstances. It's your responsibility to ensure that your sum insured is adequate.
  • If you think your amount is not correct, you can change it online now.
  • ASB doesn't have access to the information you enter, or access to the estimate that this calculator produces, so if you'd like to adjust your contents sum insured, or add additional cover for special items, you can change it online now.
  • If you would like a recommendation on your contents sum insured, please consider contacting a registered valuer who can provide a qualified opinion. 
  • The Contents sum insured 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 the cover provided by sum insured insurance, is not financial advice and does not take into account your particular situation.

Get started today

1. Calculate

Find out how much it would cost to replace the contents in your home. Calculate now.

2. Quote or update

Get a quote for a new policy or update an existing policy online.

Quote or update

3. Accept

Accept the quote and we'll get your insurance put in place, or confirm the changes to your policy.

4. Update

If something changes that might affect your insurance, you can make changes online.


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. This insurance is underwritten by IAG New Zealand Limited (IAG). See further information regarding 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.

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