What does sum insured mean?

We want to help you make sure you’ve got enough insurance to cover everything you want to cover. If you don’t have enough, you may not be able to rebuild your home the way you want, or replace all your items.

Our home and contents calculators are one tool that can help. Just remember that they’re a guide only, and provide a possible sum insured range. The final decision on the sum insured amount is yours, as we’re unable to guarantee that all information in the calculator is up-to-date or accurate. They might also differ from any estimates we provide as part of your quote.

Everybody’s assessment of what they need to cover their assets is different. How much cover someone chooses can depend on things like the size of their property, the quality of their furniture, and anything unique about their home.

Our home and contents calculators are one tool that can help you figure out how much cover you need. Just remember that they’re a guide only, and provide a possible sum insured range. The final decision on the sum insured amount is yours, as we’re unable to guarantee that all the information in the calculator is up-to-date or accurate. They might also differ from any estimates we provide as part of your quote.

Agreed value is an amount of cover that you choose for your car (from a range we give you). The agreed value includes:

• Any modifications, options or accessories that are attached to your vehicle
• GST
• Registration and any CTP Insurance
• Other on-road costs.

When making any decisions about your policy, you should read the Product Disclosure Statement (PDS) on our policy booklets page.

The sum insured applies to all elements we’ve agreed to insure on your boat. It covers the hull, listed motor(s), equipment and accessories that come with your boat, boat tender (dinghy) and trailer.

For more information about what's covered, what's not and terms and conditions, read the Product Disclosure Statement (PDS).

Determining the correct sum insured is critical to ensure you're covered in the event of a claim. If your sum insured is too low, you might not be able to rebuild your home or replace its contents. We may even ask you to use one of our calculators to ensure your sum insured is right for you.

If you're unsure or want to check your sum insured, please use one of our calculators.

You're able to change your sum insured any time during the term of your policy. Log into your account and select the policy you want to change, adjust the value and follow the prompts.

Home buildings calculator

Home contents calculator

If you’ve chosen an Agreed Value policy, this value is the amount we agree to insure your vehicle for that is shown on your Certificate of Insurance. If you’ve chosen a Market Value policy, then we assess the value of your vehicle immediately prior to the incident you are claiming for (or at the time of any claim under the 'Lifetime repair guarantee' additional benefit), using local market prices and considering your vehicle’s age and condition. Both agreed and market values include any modifications, options or accessories to your vehicle, along with GST, registration and any compulsory third party insurance and other on-road costs.

Market value means the value of your car just before an incident (like if your car's stolen or damaged in a fire). It's the maximum amount we'll pay when you make a claim (if you have a market value policy).

We work out the market value when you make a claim. We use things like local market prices, your car's age, its condition, and any modifications or accessories.

This is different to agreed value, which is where you choose the amount to insure your car for (from a range we give you).

Market value means the value of your car just before an incident (like if your car's stolen or damaged in a fire). It's the maximum amount we'll pay when you make a claim (if you have a market value policy).

We work out the market value when you make a claim. We use things like local market prices, your car's age, its condition, and any modifications or accessories/extras.

When making any decisions about your policy, you should read the Product Disclosure Statement (PDS) on our policy booklets page.