Contents Insurance Sum Insured

When you have contents insurance, choosing the right level of cover is really important, but it can be tricky to get it right. We're here to help you understand how to calculate your sum insured to reduce the risk of you being underinsured.

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What is your contents sum insured?

The sum insured is the amount your contents are covered for, including GST. 
All contents policies have limits on some items. For example, items of jewellery are only covered up to a certain amount. If you have an item that would cost more to replace than that limit, you would need to specify it on your policy. This would be referred to as a "specified item". 

Your sum insured needs to include the value of both general contents and specified items. Even though this is recorded as a single sum insured on your policy, you should always work out the value of your general contents separately from specified items to make sure you have enough cover for both.

Why is getting my sum insured right so important?

The sum insured is the maximum amount you can claim in a single event for loss or damage to your contents after any applicable excesses. If, for example, your house was destroyed in a fire, flood or an earthquake, you'd need to replace all your contents at the same time, right down to the food in your fridge and the clothes in your wardrobe.

While there are some things that insurance can't cover, like the sentimental value attached to a childhood toy or your grandmother's wedding ring, it can help you recover from the financial cost of a major event if you've got the right level of cover. If you underestimate the amount of cover you need, you might not be able to replace all your things if they're destroyed.

Even if you've had your contents insurance for a while, it's important to check your sum insured each year to make sure you've accounted for extra things you've bought, or the cost of inflation if you had to buy the things you already own again.

Calculating your sum insured

Before you use the Contents Sum Insured calculator, there is some key information that you need to be aware of. Please keep in mind this calculator will provide you with brand new values for all items, even if your item isn't new. Our contents policies don't provide replacement cover for everything. ‘Replacement cover' means that if your item is damaged beyond repair, the policy will cover the cost of replacing it with a brand new equivalent, regardless of how old the damaged item was.

In addition, some policies will provide replacement cover for items up to a certain age, but only cover them for present value (the cost to replace the item with one of similar age and condition) if they're older. For example, drones (remotely piloted aircraft) are only covered for replacement if they're less than 2 years old. Check your policy wording for more information on the types of contents that are covered for replacement and the types that are covered for present value.


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. 

Things to note

This calculator provides an estimate sum insured for your contents but the final decision is yours, so if you think your amount is incorrect, you can change it. This is general information and not personalised financial advice and does not take into account your particular situation. You must make your own decision on the sum insured that is appropriate for your circumstances.

The Sum Insured calculator is an independent tool. ASB doesn't have access to the information you enter, or access to the estimate that it produces, so if you'd like to adjust your contents sum insured, or add additional cover for special items, you'll need to contact us.

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

Call 0800 200 252 or come into any ASB branch we'll provide a personalised quote or update your existing policy.

3. Decide

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

4. Update

Tell us if something changes that affects your contents insurance.

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Ask a question

Need some help? We can provide you with more information.

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Call us

We can help you update your sum insured amount or get cover in place over the phone.

0800 200 252

Visit a branch

Visit us at one of our many branches across New Zealand to get your insurance sorted.

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The availability of insurance cover is subject to your application being approved. Terms, conditions and exclusions apply. For full details, refer to the policy document which is available from ASB Bank Limited. This insurance is underwritten by IAG New Zealand Limited. See further information regarding IAG's financial strength rating.

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