What is home insurance?
Your home is your haven, one of your most prized assets. Home insurance helps it stay that way. Cover for your home may include permanent decks, pools, garages, sheds and other outbuildings, driveways, fences, clotheslines and more.
Important changes to home insurance
From 29 April 2013, AMP and most other New Zealand insurers have changed the way homes are insured. Instead of replacement based on square meters, the replacement cover is based on, and limited to, the sum insured.
Under the new sum insured basis for insuring homes, the amount of cover you choose needs to take into account the cost of rebuilding your home from scratch. This will differ from its government or market valuation, so it’s important you find out the cost to rebuild your home and other improvements to your property.
If you make a claim which is covered by your policy, you will be paid the cost to rebuild up to the specified sum insured. That’s why it’s important your sum insured is enough.
How do I find out more?
For more information on the changes contact us.
What does my home insurance cover?
Generally, your home policy will cover you for accidental loss or damage to your home. However, there is also a more limited policy available that covers specified events only, for Indemnity Value rather than Replacement Value.
Your Adviser can provide specific information about the policy wording and explain what’s covered and, more importantly, what’s not covered.
Your policy document will identify any circumstances and types of damage that aren’t covered (called “exclusions”). It’s important to be aware of exclusions so you understand the limitations of your policy.
What is contents insurance?
Home insurance covers the building you live in. Contents insurance provides cover for your personal belongings which may include furniture, furnishings, appliances, clothes and any valuables that are normally located in or around your home.
What does my contents insurance cover?
Contents insurance cover varies from policy to policy, so it’s important you read your policy to fully understand what is and isn’t covered.
At AMP we offer you two options for insuring your contents:
- Maxi cover
With this option your contents will be insured for accidental loss or damage at your home or while they are temporarily removed to anywhere within New Zealand.
Most items are covered for the cost of replacing a lost or destroyed item, or repairing a damaged item up to certain limits. Some items – for example, clothing, footwear, books and magazines and certain items that are over a particular age – will only be covered for their indemnity value up to the limits.
- Flexi cover
With this option your contents will be covered for certain events only, and cover is limited to contents situated at the home only. All items are covered for their indemnity value up to certain limits.
Both Maxi and Flexi cover will pay up to the sum insured.
Jewellery and Watches
Jewellery and watches are some of the items that have specific policy limits and conditions. We recommend that you discuss your cover in detail with your Adviser. For full details please see the policy document.
How do I find out more?
For more information please contact us.
A disclosure statement is available from your Adviser, on request and free of charge.
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. It does not constitute a recommendation, opinion or guidance as to the relative merits of the current replacement cost insurance cover versus the new maximum sum insured insurance cover. This information does not take into account your particular financial situation, needs or goals, or tolerance for risk. While every effort has been made to ensure that the information is accurate, you should not rely on this information to make any financial decision.
AMP’s general insurance products are underwritten by Vero Insurance New Zealand Limited.