In light of the recent fires, I was thinking I should re-evaluate my contents insurance as I'm sure we'd now be underinsured since having a baby and buying everything for her as well as buying more electrical goods. How did you figure out how much yours would cost to replace, is there an online calculator?
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21-10-2013 09:56 #1
Insurance - How to calculate how much my contents would cost to replace?
21-10-2013 09:59 #2
Go through the house and write down everything and how much it would cost to replace. We did this recently and were $30,000 under insured.
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21-10-2013 10:10 #3
So easy to become under insured, as most people just think of the big ticket items and forget things like linen and clothes. If you had to replace all your clothes and linen, it would amount to more than you think. The same for your kitchen, all your pots and pans and appliances.
My insurer has an online calculator, but I just sit and go room by room thinking of everything in it. Another I have done in the past and run by my rough figures to my Insurer and ask does that sound about the 'average' or is it under/grossly over and they have always been quite helpful and helping me work out amounts.
21-10-2013 10:41 #4Senior Member
- Join Date
- Apr 2012
As someone who used to work for an insurance company.
a) many companies have a brochure or online calculator that gives a room by room breakdown of things to look at and find out replacement costs for.
b) Remember it is new for old replacement (Im pretty sure ALL insurance companies do this) so that means for some items you will need to look up what the new but similar model/product retails for. So for some items you may need to insure them for more than what you paid but others may be less (e.g some technology tends to get cheaper as they become more readily available but everyday appliances tend to stay similar).
C) If in doubt always over insure rather than under because if something happens an assessor will come out and with your help just confirm if you did in fact have $$amount of contents you are insured for so if you are hesitating between say $70k and $80k (example only) always best to pay that little bit more premium to cover yourself... it also covers any new items you may buy/upgrade to throughout the year
(now in saying that dont grossly over insure or you are just wasting $$ as the insurance company wont pay out for obvious deceit).
D) Contents usually includes carpets and curtains and all appliances, bar heatpump, dishwasher and oven, and includes everything down to cutlery, expendables like make-up, clothes, toys as well as the big ticket items. Also remember to include outdoor gardening/shed equipment and any items you may have stored under your house/in roof etc.
E) remember to ask your insurance company if they require a list or receipts for any big ticket contents items... some require art works/collections/dvd list etc. to be listed while others don't.
*Please check with your insurance company to clarify if you dont have a PDS as to some of the above as it comes from my personal experience and while general information it may differ slightly for your particular company.
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