Ours is $200,000. I did a calculator a few years a go and at that time it was $180,000. We have since moved house (sept '10) and bought more pieces of furniture, tv etc and increased it then by another $20,000.
To get to this figure I had to count all the DVDs/CDs, Pants, t-shirts, forks etc and say what quality they were, there was 3 levels. I thought about the product ie our 3 wheeler pram and if the standard figure didn't cover it I raised it to the next level.
yeah ours is similar
it sounds like way much but i have a record of all our DVD's (some 24k worth - none have been downloaded), CD's, Books, collectibles. as well as our normal furnishings and white goods/entertainment. we do have a lot more than the average four bedroom place because we combined two homes into one and didn't get rid of one full house full! we also have some antique furniture. i worked out what the basic, average, and high "values" meant on an estimator, and we had to go the high level - and had to go with the higher level to accommodate everything.

our insurance renewal comes up in a couple of months, and i have to contact a few different "specialty" places to get values of collectibles, as well as providing our insurer with "evidence" - we have taken photos and keep them away from home to support any claims we may make.

i have a rello that used to be an insurance broker (how rude of them to get older and retire!) and they wouldn't let us under-insure. ok, so my parents argued and are still under insured, but we are pretty adequately insured i believe.

we pay fortnightly, rather than annually, so any increase is a small increase.

actually, i need to contact them again before our holiday - need to add my phone as a seperate item - and make sure stuff is covered while on holiday