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.
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.
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.
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.
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.
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.
If you would like professional advice on an estimate to replace your contents, you can consult with a registered valuer.
Important to remember:
Find out how much it would cost to replace the contents in your home. Calculate now.
Get a quote for a new policy or update an existing policy online.
Accept the quote and we'll get your insurance put in place, or confirm the changes to your policy.
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.