Contents in the policy includes "household goods and personal effects of every description (unless otherwise mentioned by the Insured) being the property of the Insured or any member of his family normally residing with him whilst contained in the Private Dwelling". This definition would be the first guide.

Secondly, unless otherwise arranged, the Householders policy pays the insured value or the market value of the insured property, whichever is the lower subject to any excess which the Insured is required to bear under the policy. The alternative is to arrange insurance on "reinstatement value" basis. Under this agreement, the Insurer will reinstate or replace the insured property as it was when new, ignoring the elements of wear and tear. So when setting the amount for insurance purpose, also be guided by the valuation basis of your choice.

A reminder: If at the time of loss the value is collectively of greater value than the sum insured, the Insured shall be considered as being his own insurer for the difference.