Home and contents insurance protects your biggest assets and your most important stuff.
Why do I need home and contents insurance?
Insuring your home, investment properties, and your contents protects your big assets and your most important stuff in the event of a major loss. While we can't fireproof your house, or give you an unbreakable iPhone screen, we can give you confidence that if you suffer a loss, you'll be financially able to cope.
It's often the little extras that make the difference with home and contents insurance. Whether it's making sure your investment property is insured against damage by tenants, protecting that special art collection, or making sure all your technology is listed on your policy, we go the extra mile to understand your stuff and make sure it's protected.
How does it work?
The starting point for home insurance is establishing the value of your home. You can either do this through a registered valuer or through the calculator here. Once you've finished the calculator, you'll need to save the Cordell estimate and forward it to Certus.
Once you've established the value of your home, you'll be covered in the event of a total loss of your home, through a major accident (e.g. fire) or natural disaster, and for certain events that cause damage to your home (including* flood, electrical issues, wind damage etc.).
It's important when you insure your home or investment property that you fully disclose all the information required by the insurer, as failure to do so might result in claims being declined or cover being voided.
*dependent on policy wording. Consult your broker for more information.
Most contents insurance policies have two components - items covered by a sum insured, and items that have to be specified. The first step when organising contents insurance is to figure out how much your stuff is worth - you can use this checklist as a starting point.
Once you've established how much your stuff is worth - pay attention to detail, it's always more than you think - you'll need to work with your broker to figure out what you need to specify on the policy. Specified items are those that fall outside the usual boundaries of the policy wording, and if you don't specify them, you'll only be paid up to the limits in the wording. For example, if you have a $3,000 computer, and the specified items limit is anything over $2,000, not specifying the computer could cost you $1,000 in the event of a claim.
What else do I need to know?
AMP Home Insurance customers may be entitled to Sum Extra*. Sum Extra gives you extra cover for your home insurance, in case your specified value of your home is less than the repair or rebuild cost. You'll either:
- Receive full repair or replacement value if the loss to your home is cuased by a fire or other non-natural disaster event, or
- Get up to 10% extra cover for natural disasters if the Sum Insured isn't enough to pay for the repair or rebuild.
*There are conditions that apply to receiving the Sum Extra benefit. Talk to us to find out more.