When you take out contents insurance, you’ll need to specify the total amount you’d need to replace the contents of your home. For example, if your house was destroyed in a fire, flood, or an earthquake, you may need to replace all your contents at the same time, even including the pots and pans in your cupboard.

The figure you provide is your contents sum insured. It’s the maximum amount IAG will pay after any applicable excess has been deducted.

The Sum Insured calculator on the Sum Insured Pty LTD website can help you estimate the cover you need.

If you are an existing Co-operative Bank customer, you can review your sums insured at any time through your IAG insurance hub, accessed via our mobile app or internet banking.

Calculate Sum Insured

Keep your total sum insured amount up to date

It’s important to check your sum insured each year to make sure you’ve accounted for extra things you’ve bought, or for inflation on replacement items you already own.

IAG may adjust your sum insured at renewal to factor in inflation and market changes. However, this adjustment doesn’t account for your unique situation, and it may not necessarily reflect the actual change to the replacement cost of your contents.

If you set your contents sum insured too low, you may not be able to replace your belongings to the same specifications or quality, or at all.

You can review your sums insured at any time through your IAG insurance hub, via the mobile app or internet banking.

Policy limits and specified items

Specified items are valuables that will cost more to replace than your policy limits allow. Items such as jewellery and cameras are only covered up to a certain amount. If you want to cover something that’s worth more than its policy limit, you’ll need to list it on your policy as a specified item with a corresponding specified sum insured.