Your contents sum insured should be calculated based on the cost of replacing your contents as new as Home insurance policies cover contents on this basis. For example if you have a five year old three piece suite and it is damaged beyond repair you should insure for the cost of replacing the suite with a new one.
Most insurers do not cover certain items such as clothing, carpets, linen and bedding for their replacement cost as new and for such items you should make deductions for wear and tear from the replacement cost depending on the age and condition of the items. Find out what items are not covered for their replacement cost as new with your insurer.
To assist you in calculating your own contents sum insured please view our Home Contents Calculator.
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