Contents Insurance Calculator

Working out how much cover you need to insure your contents can be tricky. It’s really important to get this right so we’re here to help you understand how you can calculate your sum insured.

What is a sum insured exactly?

The sum insured is the amount your contents are covered for, including GST.

The Westpac Contents Full Cover policy has limits on some items. For example, items of jewellery are only covered up to $3,000. If you have an item that would cost more to replace than $3,000, 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.

Why is it important to get it right?

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 content 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.

How do I determine how much cover I need?

One way to determine how much cover you need is to use the Contents sum insured calculator. This is an independent tool provided by Sum Insured Pty Ltd, a leading provider of contents cost information in New Zealand.

How does the calculator work?

The calculator uses your address and the information you provide about the key features of your household with values supplied by Sum Insured Pty to produce an estimated value of your contents which you can then tailor for a more accurate result.

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. Westpac Contents Full Cover doesn’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. Some items are covered for their present day value (the cost to replace the item with one of similar age and condition). These are typically for things like bicycles, camping equipment, clothing, and sporting equipment. Check page 8 of our policy wording for more information on the types of contents that are covered for present day value.

Renters Cover

You shouldn’t use this calculator if you have a Westpac Renters Cover Insurance policy as it only provides replacement cover on a limited number of items that have to be less than 5 years old, which you purchased new, so it will not provide an accurate figure.

If you have Westpac Renters Cover and your sum insured amount no longer reflects the market value of your contents, please contact us on 0800 809 378 to let us know what the sum insured should be, so we can update your policy. If you’re not sure what type of policy you have, you can find out by checking your policy schedule.

Changing your sum insured

The Sum Insured calculator is an independent tool. Neither Westpac nor IAG have access to the information you enter, or access to the estimate that it produces, so if you’d like to change your contents sum insured, or add additional cover for special items, simply call us on 0800 809 378. We’re here to help.