Renovation insurance

To get site cover insurance for your next home renovation project, contact your Adviser or make an enquiry today.

Undertaking a renovation project at your property? When you make significant changes to your home it doubles as a work site, which brings unavoidable risk. There are even risks that could occur with smaller renovation projects. It is recommended that you speak with an advisor to check if you are adequately covered under your current home policy, or if extra protection is required. 

AMP site cover renovation insurance is designed to protect your current dwelling or new-build from any  accidental loss or damage that can occur throughout the renovation period, letting you rest easy during your home improvements.

What is renovation insurance?

AMP renovation insurance, otherwise known as site cover or a contract works policy, is designed to cover you for accidental loss or damage and other issues that may arise during a home renovation, whether DIY or contracted.

House insurance policies often fail to cover renovations, as they are designed to cover your home the way it is when you take your policy out. This means that if you undertake a renovation, any issue with the works may not be insured and any loss or damage resulting from the renovation may not be covered.

By combining an AMP renovation insurance or contract works insurance policy with an AMP Home Plan policy, you can get on with enhancing your house, knowing that you’re covered if the worst was to happen.

The importance of renovation insurance

You’re in the process of renovating your home, and then something unexpected happens. A piece of heavy machinery goes somewhere it shouldn’t. A wall is more load-bearing than you thought. You realise too late that you’ve made a design mistake.

A lot of homeowners are unaware that their home insurance may not cover them for any accidental loss or damage relating to simple or major renovations, additions or structural alterations, even when a qualified contractor is doing the work. Some homeowners also think that their builder's insurance will cover their own home should anything unexpected happen but the contractor's insurance will only kick in, if their negligence causes the loss or damage – their insurance is to cover their liability.

Your home is the most valuable thing you own. But you don’t want to risk doing damage to it and losing money on it in the process of trying to make it better – which is where AMP renovation insurance comes in.

AMP renovation insurance is designed to cover the work being completed and specifically to meet your needs. Ultimately it gives you the confidence and peace of mind knowing your construction project, and your home, is safe and protected.

Renovation insurance cover can include:

Contract works

‘Contract works’ encompasses all permanent and temporary work being performed at the insured site during the construction period. You should carefully consider the maximum liability and renovation cost (sum insured) to ensure it is sufficient to cover the value of the completed works. This includes temporary and permanent construction work, materials, wages, freight, customs duties and any works you want to include that involve subcontractors.

Professional fees

Consider all the professional assistance that you may need in relation to your renovation, including (but not limited to) fees for architects, surveyors, consulting engineers and your local council. Always check the policy wording

Increased costs during construction/reconstruction

This cover accounts for any increase in construction costs during the renovation or rebuilding process. It helps to minimise the risk of underinsurance by ensuring that you have adequate protection in case construction expenses rise unexpectedly.

For example, if material, labour, or freight costs increase more than anticipated, this feature can help to ensure you won't face unexpected out-of-pocket expenses.

Principal supplied goods

This refers to any goods, materials, equipment, or other items provided by the homeowner/principal to the contractor at no cost, which will be used in the renovation project. These items are incorporated into the contract work, and renovation insurance can protect them for accidental loss or damage.

Debris removal

This covers the costs of removing debris in certain claimable situations incurred at the contract construction site, which results in a loss to the contract works. This cover can extend to demolishing or shoring up undamaged portions of the existing structure to enable the contract works to continue, and completing temporary repairs that protect your existing house from further loss.

This is a summary only. See the renovation insurance policy document for the full list of terms, limits, conditions and exclusions for this cover.

AMP is here to help

Want to learn more about renovation insurance?
Speak to an AMP insurance specialist today to understand the level of policy cover that will be right for you.
Have an existing insurance adviser or broker? Find them here.

Insurance (excluding travel) is underwritten by Vero Insurance New Zealand Ltd. This information is only intended as a guide. Policy limits and exclusions apply. Please refer to the policy wording for full terms and conditions.