SumExtra and Sum Insured

Understanding your home cover

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About SumExtra

SumExtra is a top-up cover that makes your Home Plan Maxi, AMP Everyday Plus and Everyday Home Insurance go further. It provides extra financial help at claim time if the cost of rebuilding your home (as an optional extra) is even more than your Sum Insured.

We offer SumExtra because we know construction costs can be hard to pin down to the last dollar and even the most carefully calculated Sum Insured might not match actual repair or replacement costs. SumExtra is our way of making sure you’re covered.

Conditions apply - talk to us, or your adviser, for the full details of this benefit.

  • If your home is damaged or destroyed by a non-natural disaster event, SumExtra makes sure you're completely covered for full replacement or repair costs - even if they’re higher than your Sum Insured.
  • If your home is damaged or destroyed in a natural disaster (earthquake, natural landslip, volcanic eruption, hydrothermal activity, tsunami or fire resulting from any of these) and the cost of full replacement or repair is more than your Sum Insured, SumExtra will pay up to 10% more than your Sum Insured.
  • Your Sum Insured should be at least the value of the home’s written rebuild cost estimate. A rebuild cost estimate can be obtained from either:
    • the Cordell Sum Sure Calculator (Cordell Sum Sure Calculator to get an estimate based on detailed information you enter about your home.
    • or a suitably qualified professional.
  • Your rebuild cost estimate should be less than three years old from the date the Sum Insured was last agreed.
  • The estimate should be kept in a safe place to ensure it can be produced at claim time.

About Sum Insured

Sum Insured is the amount you choose to insure your home for. If you make a claim that is covered by your policy (and if you’re not eligible for the SumExtra benefit) this is the most that will be paid to rebuild your home. Simply put, your Sum Insured needs to reflect the estimated cost of rebuilding your home from scratch taking into account demolition, debris removal costs and fees. 

  • Seek independent advice from a builder, registered quantity surveyor or registered valuer – make sure it’s a written valuation and is for insurance purposes and does not include any market value component or land value.
  • Use the Cordell Sum Sure Calculators. Use the Cordell Sum Sure Calculator to get an estimate based on detailed information you enter about your home.

When insuring your house, the Sum Insured needs to reflect the cost of rebuilding your home from scratch. This will differ from government or market valuations so it's important that you find out the cost to rebuild your home.

A rebuild cost estimate can be obtained from a suitably qualified professional or the Cordell Sum Sure Calculator (a standard Cordell Sum Sure Calculator, which gives an estimate based on detailed information you enter about your home).

Things to consider

If you’re taking out a new home insurance policy with us, you will be required to provide a Sum Insured value for your home.

If you’re an existing customer with us and since 1 July 2013 have not specified a Sum Insured, your policy would have renewed every year using a default Sum Insured value. The default Sum Insured may not be adequate to replace your home including all other structures at your property. It is calculated using a rebuild cost of $2,000 per square metre for your home only.

An annual indexation is applied to the Sum Insured on renewal every year for inflation, however you shouldn’t rely on this as an adequate reflection of any increase in costs.

It’s a good idea to regularly review your Sum Insured and your home’s rebuild cost estimate. We recommend doing this at least every couple of years. You may need to factor in any renovations or extensions and other changes such as inflation, changes in building costs and consumer price indexing.

5 things to like about AMP home insurance

Excess options to shrink your premium

You can reduce your premium by increasing your excess (the amount you pay for each event when you make a claim, we sort the rest).

24/7 Emergency assistance

With AMP home insurance, you get access to a 24/7 emergency assistance call centre.


With AMP Home insurance you can receive the benefit of SumExtra which offers the full replacement cost if your home is damaged or destroyed by an insured event other than a natural disaster, and up to 10% of your sum insured extra cover for natural disasters (conditions apply).

Flexible payment options

You have the option to pay your premium yearly or by instalments. Simply choose the payment option that best suits you when you purchase your insurance.

We make the claims process easy

We have an experienced claims team who will support you and keep you updated throughout the journey. Our aim is to make the claims process as easy and clear as possible.

Important information

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AMP Home, Contents, Car and Landlord insurance are issued and underwritten by Vero Insurance New Zealand Limited. The above is only a summary of some of the cover provided and is for information purposes only. It is important to note that limits, excesses, terms and conditions and exclusions apply to the cover outlined. Please refer to the policy document for details of the cover. The provision of cover is subject to the underwriting criteria that apply at the time.

A disclosure statement is available from your Adviser, on request and free of charge.