Contents Sum Insured


Before you use the Contents Sum Insured calculator, there is some key information below 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 of that are covered for present value.

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 being underinsured.

Calculate 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. We’ll ask you to tell us the value of your general contents separately from specified items to make sure you have enough cover for both.

Calculate your Contents Sum Insured

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 would need to replace all your contents at the same time, right down to the food in your fridge and 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.

Calculate your Contents Sum Insured

The calculator combines your address and the information you tell us about the key features of your household with values supplied by Sum Insured Pty to produce a suggested replacement cost for your contents.

Calculate your Contents Sum Insured

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.

Calculate your Contents Sum Insured

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 to your circumstances.

The Sum Insured calculator is an independent tool. Southsure doesn’t have access to 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.

Calculate your Contents Sum Insured

Contents Insurance is arranged by Southsure Assurance Limited and underwritten by Lumley, a business division of IAG New Zealand Limited (Lumley).

This webpage is only a summary of the features and benefits of Contents Insurance and is intended to be of a general nature.  Contents Insurance is subject to the policy terms and conditions, including exclusions that apply, which are set out in the policy document. 

Neither SBS Bank nor any member of the SBS Bank Group guarantees the obligations of (or any products issued by) Southsure or Lumley.  

For Lumley's financial strength rating, please click here.

Ways to save

Choose a higher optional excess to save on your premiums. 

Age and package discounts apply.

'Free Look'

There's a 30-day Free Look period so if you're not happy with your policy and you haven't made a claim, you can cancel it and we'll refund any premium you've paid.