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Top tips to get ahead

2 top tips

1. Get additional home cover for no extra cost – it’s easy!

If you have not yet nabbed SumExtra for your home insurance, get onto it soon. SumExtra is a great way to get extra peace of mind for natural and non-natural disasters, and it needn’t cost you a cent. This is how it works:

  • Natural disasters. SumExtra will give you up to 10% extra cover if your home is damaged or destroyed in a natural disaster, or a fire caused by a natural disaster. It applies if your Sum Insured is not enough to pay for the repairs or rebuild. There is no additional premium for this.
  • Non-natural disasters. If your home is damaged or destroyed by a non-natural event, SumExtra covers you for the full cost of repair or replacement - even if that cost exceeds your Sum Insured. Again, there is no additional premium for this.

What do you need to do to get SumExtra?

To get SumExtra for your AMP home insurance, simply make sure your Sum Insured is at least the value of your home’s written rebuild cost estimate.

There are a few ways to get an estimate:

  • use the free, independent online Cordell Calculator at amp.co.nz/sumextra
  • or pay a qualified professional, such as a registered valuer or a quantity surveyor.

You’ll need to keep a copy of the written estimate for your records and have it updated every three years.

2. Specify your big ticket items

Have you inherited some valuable jewellery or lashed out on an expensive piece of sports equipment? Are you a coin or stamp collector? Do you own a very fancy camera? We are asking these questions because many New Zealanders forget to specify big ticket items when taking out contents cover.

Canstar Blue surveyed more than 700 people who had made a contents insurance claim. They uncovered a disturbing trend: one in five people, and 44% of Aucklanders, had claims rejected for high value items that were not specified on their policy1.

We are alerting you to this problem because it is such an easy thing to fix. If you suspect an item you own is worth more than average, call us on 0508 267 271. Specified items can be added to your policy at any time. To see cover limits, download our Home Contents Checklist. Additional premiums may apply.

Important information

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While care has been taken to supply information in this article that is accurate, none of AMP Services (NZ) Limited or any of its related companies gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.