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 coverfor
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
So what is a sum insured exactly?
The sum insured is the amount your contents are covered for,
excluding GST. This means that where we can recover the GST paid as part of a claim,
then the GST is payable in addition to the sum insured.
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
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.
Lantern 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