What does Sum Insured mean?
The amount you choose to insure your home for is your Sum Insured. If you make a claim that is covered by your policy, you will be paid the cost to rebuild up to your specified Sum Insured. This means your Sum Insured needs to reflect the cost of rebuilding from scratch. This may differ from your home's government or market valuation, so it's important that you find out the cost to rebuild your home.
To do this, you can:
- Seek independent advice from a builder, quantity surveyor or registered valuer. Make sure the valuation is for insurance purposes and does not include any market value component or land value.
- Use one of the online calculators provided by Cordell.
A calculated Sum Insured means you get SumExtra at no extra cost.
A special feature of the AMP Home Plan - Maxi policy is SumExtra, which provides full replacement value if your house is destroyed by fire or other non-natural disaster events and up to 10% extra cover for natural disasters. Provided you specify a Sum Insured which is equal to or greater than the rebuild estimate you have obtained - by using the Cordell calculators above or fromreceive a building professional assessment - you may qualify for SumExtra at no extra cost. For more detail talk to your Adviser or go to the about SumExtra page . Conditions apply.
The Cordell calculator is provided by Cordell Information Pty Ltd. It uses typical building replacement costs based on Cordell's research to provide an estimated typical building replacement cost. The cost of rebuilding your home will depend on the specific details of your home. If you want advice on the cost of rebuilding your home you need to contact a valuation or building professional.
More useful information
Here is some additional important information on sum insured replacement cover you may find useful.
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Contact an Adviser
If you have questions about Sum Insured and SumExtra, we recommend you contact your Adviser or call us on 0800 267 263.
This information is general in nature only. It does not constitute a recommendation, opinion or guidance as to the sum insured figure that is appropriate for your individual circumstances. This information does not take into account your particular financial situation, needs or goals, or tolerance for risk. Whilst every effort has been made to ensure that the information is accurate, you should not rely on this information to make any financial decision.