AMP Home Insurance Review
AMP Home Insurance offers four cover types, and has an impressive range of features such as a lifetime guarantee on authorised repairs. Flood cover's included as standard.
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If you're in the market for home insurance, AMP Home Insurance could be the provider for you. AMP Home Insurance offer policies to suit all budgets and life stages. AMP Home Insurance even have an over 55s option to help you cut costs. Keep reading and find out if AMP Home Insurance is the right option for you.
AMP Home Insurance cover options
The main events you'll be covered for with a home insurance policy from AMP include:
Here's a breakdown of AMP Home Insurance features
Classic AMP Home Insurance
AMP Classic Home Insurance offers comprehensive cover for your home and your important possessions. Available for owner-occupiers and tenants up to 54 years of age, it provides cover against 12 insured events including fire, storm, flood and theft. Up to 12 months’ temporary accommodation is covered if your home is unfit to live in following an insured event, while your contents can be covered anywhere in Australia for up to 120 days at a time.
Who is it for?
- Owner Occupied or Tenant
- Up to 54 years of age
Classic Insurance protects your home and contents in the event of a range of insured incidents. Covered events include:
- Theft and damage
- Storm and flood
- Breakage of fixed glass
- Riot or civil commotion
- Damage by animals
- Burst pipes
- Vandalism and malicious damage
Other features include a 25% sum insured safety net for extra home protection, new for old replacement, a lifetime guarantee on authorised repairs and automatic flood cover.
55UP AMP Home Insurance
Designed for owner-occupiers and tenants 55 years of age and older, 55UP Home Insurance provides the same policy as Classic Home Insurance but with a few extra features and added flexibility.
Who is it for?
- Owner Occupied or Tenant
- 55 years of age or over
55UP Home Insurance from AMP offers the same essential protection that a Classic policy does, including cover for your home and contents against all the major risks listed above. From fire and flood to theft and the breakage of fixed glass, this seniors policy has got you covered. However, it also provides additional features such as:
- Extended valuables cover and cover for your belongings when they’re away from home.
- Extended unoccupancy cover
- Free access to AMP’s Home Assist Services for legal advice
- Medical advice and property maintenance assistance
- 55UP policies are available for 10% cheaper than Classic Home Insurance policies
- Seniors Card holders can enjoy a further 5% discount.
Platinum AMP Home Insurance
Platinum AMP Home Insurance is available for owner-occupiers and tenants of any age, and it offers AMP’s highest level of protection for your home and contents. With $350,000 home sum insured and $120,000 contents sum insurance cover, Platinum Insurance is designed to offer ultimate peace of mind. Automatic cover is included for accidental loss or damage in and around your home, as is cover for accidental loss or damage to your contents anywhere in Australia and New Zealand for up to six months at a time. Other features include higher cover limits for valuables and access to AMP’s Home Assist Services.
Who is it for?
- Owner Occupied or Tenant
- Any age
- Home Sum Insured > $350,000
- Contents Sum Insurance > $120,000
This policy offers the ultimate level of home and contents protection available from AMP. Your home and contents are covered for accidental loss and damage at the insured address, which includes:
- Malicious damage
- Leaking or bursting pipes and tanks
- Higher limits for your valuables
- Cover contents temporarily away from your insured address within Australia and New Zealand are covered for up to 185 days.
Investor AMP Home Insurance
This policy is designed to protect the insurance needs of landlords of any age. Not only does it offer comprehensive protection for your investment property, but it also safeguards the income you earn from that property. If your tenant defaults on their rental repayments, your policy provides loss of rent cover. Rent loss cover is also available if your property is damaged by an insured event and unfit to live in, while malicious damage to your property by tenants is covered as well.
Who is it for?
- Any age
If you own an investment property, AMP Investor Home and Contents Insurance provides protection against events such as fire, explosion, theft, lightning, earthquake, storm and flood, burst pipes, leaks and overflows, vandalism, impact and breakage of fixed glass. However, you’re also covered for things like theft and vandalism by tenants and their guests, as well as loss of rent following an insured event or if your tenants default on their rental payments. Legal costs you incur in an attempt to obtain rental payments you are owed by your tenants will also be covered.
Your home insurance claim won't be paid for:
- Failure to take reasonable care of your home and contents
- Your claim is for loss or damage caused by defect, structural fault or faulty design
- It is for the cost of repairing or replacing tanks or containers that explode, or for the cost of repairing or replacing water containers that burst or leak
- For loss or damage caused by erosion, vibration, landslide or subsidence. However, subsidence damage to your home will be covered when it is caused by certain insured events, for example storm and flood
- For gradual deterioration, mould, mildew, wear and tear, rust or corrosion
- For mechanical or electrical breakdown
- For theft or malicious damage by someone you invited into your home
- For loss or damage to any part of your home which is used for business activity
Examples of cover limits with AMP home insurance
|CDs and DVDs*|
|Collections and memorabilia*|
|Hand-woven carpets or rugs*|
|Home office equipment|
|Jewellery and watches*|
|Paintings, pictures and works of art*|
|Silver and gold items*|
|Stamps collections, collectors pins etc*|
|Tools of trade|
What factors influence the cost of my AMP Home Insurance?
There are several factors that can influence the cost of your AMP Home Insurance, including:
- The address of the home and/or contents. If you live in a high-risk area for insured events, for example storm and theft, you can expect to pay higher premiums.
- Sum insured. The higher your nominated sum insured, the more you will pay for cover.
- Construction material. Homes with brick walls and steel roofing pose less of a claims risk than homes with fibro asbestos walls and roofs, so this will be reflected in your premium.
- Age of the home. Older homes are more expensive to insure than newer ones.
- Security systems. Adding alarms, deadlocks and keyed window locks to your home can decrease your insurance costs.
- How the home is occupied. Homes with tenants are more costly to insure than owner-occupied dwellings.
- Your age. Certain age groups are statistically proven to make fewer claims than others.
- Optional covers. The more optional extras you add to your cover, the more expensive your policy will be.
- Your excess. You can opt to choose a higher basic excess in return for paying a lower premium.
- Your payment schedule. Paying your premiums monthly will end up costing you more than if you pay annually.
What excess is applied to AMP products?
When you make a claim on your AMP Home Insurance policy, you’ll need to pay an excess. There are several different types of excess available, but the ones that apply to your policy will be shown on your certificate of insurance. AMP excesses include:
- Basic excess. A $300 excess applies to all home and contents claims, although you can adjust your excess amount between $0 and $5,000 to alter the cost of your premiums.
- Earthquake and tsunami excess. For claims involving earthquake or tsunami, you’ll need to pay an additional excess of $300.
- Optional cover excess. An additional excess applies for optional motor burnout cover and pet dogs and cats cover.
- Portable cover excess. This excess amount depends on your level of basic excess, but the maximum you will pay is $100.
- Additional excess. In certain circumstances, such as if you have made multiple previous insurance claims or if your home will be unoccupied for an extended period, AMP may include an additional excess on your policy.
What should I do in the event I need to make a claim?
If an event occurs which may lead to a claim, make sure you take all reasonable steps to prevent further loss or damage. It’s also important that you report any theft or vandalism to the police immediately.
Once that has been done, contact AMP and provide full details of your claim. Supply as much information as possible, while you may also need to provide supporting information and documentation to help with the assessment of your claim. This may include legal notices, photographic evidence, police incident report numbers and more.
Questions you still might have about AMP home insurance
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