The AMP SumExtra is an additional benefit to the AMP Home Plan Maxi Policy.
SumExtra offers you one of the following:
Full repair or Replacement
If the loss to your home is caused by a fire or other non-natural disaster event, with SumExtra benefit you're covered for the full cost of the repair or replacement of your home, even if the cost exceeds your Sum Insured.
Up to 10% extra cover for Natural disasters
If your home is damaged or destroyed in a natural disaster or fire caused by a natural disaster and you Sum Insured isn't enough to pay for the repair or rebuild, with SumExtra you'll receive up to 10% extra cover.
So what do you need to do to get SumExtra?
To qualify for SumExtra, you need to make sure that the amount your home is insured for (also known as the Sum Insured) is at least the value of your home's rebuild cost estimate.
A written rebuild cost estimate needs to be obtained from either:
- the independent, free online Cordell Calculator at www.ampcentre.co.nz/resources/; or
- a suitably qualified professional as set out in the SumExtra policy endorsement, such as a registered quantity surveyor or registered valuer who you pay.
You'll need to also make sure your rebuild cost estimate is less than three years old at the time your Sum Insured was most recently agreed. Then you'll automatically qualify for SumExtra. You don't need to do anything other than keep a copy of your estimate.
But if your Sum Insured is less than your rebuild cost estimate, please contact us as you'll need to update your Sum Insured to get the benefits of SumExtra. And remember, if you extend or improve your home, you'll need to revise your Sum Insured.
For more information feel free to contact us