Contents Insurance 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 that are covered for present value.

You shouldn’t use this calculator if you have a State Contents Essentials policy as it only covers contents for their present value so it will not provide an accurate figure. If you have one of these policies and your sum insured amount no longer reflects the present value of your contents, please contact us 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.

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?

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.

So 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 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 does the calculator work?

The calculator combined 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.


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. State 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.

Click here to calculate your contents sum insured.

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