Life is always changing.
Are Sum’s Insured keeping up?
From baby rattles to gaming consoles, household contents evolve faster than we realise.
As insurance professionals, we risk failing our clients if we rely solely on annual adjustments to capture these changes.

Consider the humble washing machine.

That new front-loader isn’t just gentler on clothes—it’s significantly pricier than its top-loading predecessor.

0924 Price of washing machines sq

The same goes for refrigerators, TVs, and countless other household items. Each upgrade nudges the true value of a home’s contents upward, often outpacing standard policy adjustments.

0924 Cost of Fridges sq

It’s not just about upgrades.

Families accumulate possessions like squirrels hoarding acorns.

Baby gear gives way to sports equipment, then to designer clothes and tech gadgets. Before you know it, that starter home is brimming with valuable items barely reflected in the sum insured value.

Beyond the Annual Ritual

Yearly percentage increases for sum insured values are the insurance equivalent of using a dusty crystal ball—they rarely reflect reality. It’s time to move beyond this one-size-fits-all approach. Instead, consider a mid-year check-in:

  • Catch value changes before they snowball
  • Engage clients when they’re not shopping around
  • Demonstrate your value as a proactive advisor

 

We need to shift from passive renewals to active guidance:

  • Flag life events that impact contents value
  • Use visual aids to show how households evolve
  • Encourage use of the Sum Insured online calculator
  • Run their property through our calculator for them (via API or a wider portfolio review) and share the result with them.

 

By doing so, we’re not just adjusting numbers—we’re safeguarding our clients’ financial well-being and positioning ourselves as indispensable partners.

Sum Insured: Your Secret Weapon

At Sum Insured, we’re equipping insurance professionals with precise tools to tackle this challenge. Our annual Replacement Contents Price Index isn’t just a report—it’s a clear lens into the shifting landscape of household goods values and far more relevant to sum insured values than CPI.

Our valuation calculators go beyond simple sums, factoring in socioeconomic trends and regional nuances to paint a true picture of contents worth. They are free for your clients to use, although the real power comes when they are integrated at quotation and renewal via API.

The days of “set it and forget it” sum insured values are over. It’s time to embrace a dynamic, personalised approach that keeps pace with our clients’ lives. By doing so, we’re not just protecting our clients—we’re future-proofing our business in an increasingly competitive market.

In the world of household contents, what’s out of sight shouldn’t be out of mind.

Let’s ensure every client’s protection evolves as fast as their Netflix queue. The future of insurance isn’t just about policies—it’s about partnerships. Are you ready to lead the charge?

Get updates and stay connected - Subscribe to our newsletter