Contents Insurance

Contents Insurance protects your belongings in one of three ways:

Repair cover

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.

Replacement cover

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.

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. 

Check your policy wording for more information on which items are covered for replacement and which items are covered for present value.

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. 

Specified sum insured

This Contents Insurance policy has maximum limits on some items. For example, jewellery, watches, works of art, and bicycles are only covered up to certain amounts. If you wish to insure an item worth more than its policy limit, you'll need to list it in your policy as a specified item with a specified sum insured. This allows you to cover the item for the amount you specify. Note that you don't need to include the value of any specified items in your contents sum insured, as these items are covered separately.

It's important to have the right level of cover and regularly check how much it would cost to repair or replace your belongings. Use the Contents Sum Insured calculator to estimate the sum insured for your contents.