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What does ‘sum insured’ mean?

Your sum insured is the total amount you would receive if your home or contents is damaged beyond repair.  This is not the same as its market value. Sum insured is the amount you have decided to have your home or contents covered for.

This calculator will provide information to guide you on an appropriate rebuild cost - bear in mind that it is an estimate and inflation needs to be considered too. The calculator provides general information only and is not an expert recommendation. If a professional recommendation is preferred, you’ll need to contact a registered valuer or quantity surveyor to confirm your rebuild cost.  

Please note that the Cordell Sum Sure calculator is an independent and confidential tool, and IAG has no access to the information provided or the estimate that is given.

 

All other brands

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 that are covered for present value.

 

Getting to know your 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.

 

So what is a sum insured exactly?

GST incl, gen + SI

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.

 

Sum Insured Calculators

Home Contents sum insured calculator 

This calculator estimates the value of your household contents using values supplied by Sum Insured Pty Ltd, New Zealand and Australia's leading provider of building contents cost information.

 

Core Logic's Sum Insured calculator 

This calculator will provide information to guide you on an appropriate rebuild cost - bear in mind that it is an estimate and inflation needs to be considered too. The calculator provides general information only and is not an expert recommendation. If a professional recommendation is preferred, you’ll need to contact a registered valuer or quantity surveyor to confirm your rebuild cost.  Please note that the Cordell Sum Sure calculator is an independent and confidential tool, and IAG has no access to the information provided or the estimate that is given.