Can you benefit from AMP Home Insurance? Compare policies, discounts and more
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. AMP Home Insurance covers:
- storm and flood
- burst pipes
- and more.
So, keep reading and find out if AMP Home Insurance is the right option for you.
AMP Home Insurance cover options
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:
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.
|Cash||$300 total||$300 total||$500 total||no|
|CDs and DVDs*||$5,000 total||$5,000 total||No limit||no|
|Collections and memorabilia*||$2,000 total||$2,000 total||Essential Limit $25,000 totalEssential Plus Limit $50,000 total||no|
|Hand-woven carpets or rugs*||$2,000 per carpet/rug||$2,000 per carpet/rug||No limit||$2,000 total|
|Home office equipment||$10,000 total||$10,000 total||$20,000 total||no|
|Jewellery and watches*||$1,000 item/set, $4,000 total||$1,000 item/set, $4,000 total||Essential Limit $5,000 item/set, $20,000 totalEssential Plus Limit $10,000 item/set, $40,000 total||no|
|Paintings, pictures and works of art*||$10,000 item/set, $50,000 total||$10,000 item/set, $50,000 total||Essential Limit $100,000 totalEssential Plus Limit $200,000 total||$2,000 item/set, $10,000 total|
|Silver and gold items*||$2,000 item/set||$2,000 item/set||Essential Limit $50,000 totalEssential Plus Limit $100,000 total||no|
|Stamps collections, collectors pins etc*||$2,000 total||$2,000 total||Essential Limit $25,000 totalEssential Plus Limit $50,000 total||no|
|Tools of trade||$1,000 total||$1,000 total||$5,000 total||no|
What exclusions do I need to know about?
Each AMP Home and Contents Insurance policy contains a list of general exclusions which you should familiarise yourself with before applying for cover. Your home insurance claim will not be paid if:
- It results from your failure to take reasonable care of your home and contents
- It arises because you do not keep your home and contents in good condition and well maintained
- It arises because you do not fix faults and defects as soon as you become aware of them
- 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
- It is for leaking pipes that do not cause permanent damage
- It is for leaks in shower bases, shower floors or their walls
- It is 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
- It is for gradual deterioration, mould, mildew, wear and tear, rust or corrosion
- It is caused by seepage of water through the earth
- It is for loss or damage caused by a power surge
- It is for mechanical or electrical breakdown
- It is for computer virus or computer hacking
- It is caused by tree, plant or shrub roots
- It is for theft or malicious damage by someone you invited into your home
- It is for loss or damage to any part of your home which is used for business activity
- It is for chemical damage when cleaning
- It is for loss or damage caused by insects, birds or vermin
- It is caused by you lopping trees
- It is for the cost of repairing, replacing or fixing electronic data or files.
How much does AMP Home Insurance cost?
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 types of excess apply 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.
Do you know any ways to pay less for home insurance?
- Multi-policy discount. Take out multiple policies with AMP to enjoy a sizeable saving on premium prices.
- Combined home and contents discount. Bundle your home and contents cover together and you can receive a 15% discount.
- Top Strata Insurance discount. If you own a home that is insured by AMP Top Strata Residential Insurance, you’ll receive a 15% discount off contents cover.
- Over 55s discount. Customers who are over 55 years of age receive a 10% discount.
- Seniors Card discount. Seniors Card holders can receive a further 5% discount.
- Choose a higher excess. This will result in a lower premium.
- Install security devices. Alarms and deadbolts can make your home safer and cheaper to insure.
What do 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.Back to top
FAQs About AMP
Q. How much contents cover do I need?
- A. The best advice is that you should aim to insure your contents for the amount it will cost to ensure new for old replacement. This is known as the contents sum insured on your policy.
Q. Does making a claim affect my cover?
- A. This depends on your situation. If you make a home claim and are only paid part of the sum insured, your policy will continue for the period of insurance. However, if you receive the full sum insured then your cover will end. If you make a contents claim and are paid the full sum insured, your contents sum insured is automatically reinstated and cover will resume.
Q. What happens if I want to cancel my policy?
- A. You can cancel your cover at any time and will receive a refund of any money AMP owes you, minus any cancellation fee and government charges. According to law, AMP can also cancel your policy at any time.
Q. What does 'Sum Insured' mean?
- A. The sum insured is the maximum benefit you are eligible to receive for an incident and is the figure shown in your certificate of insurance.
Q. What am I covered for?
- A. Your AMP Home Insurance provides cover for a range of events including storm and flood, burst pipes, fire, lightning, theft, vandalism, riot, explosion, breakage of glass, impact, earthquake and dame by animals. For full list of benefits please consult your PDS.
Q. Is there a cooling off period?
- A. Yes, you have 21 days to consider the policy and whether or not it is right for you.
Q. Who is AMP Home Insurance designed for?
- A. AMP Home Insurance is specially designed for the owners of a home and their contents.
Q. How do you tailor cover?
- A. If you require additional cover, you can ask AMP Home Insurance to list items on your certificate of insurance for an extra premium.
Compare home insurance policies on line
AMP Home Insurance offers a range of essential cover for owner-occupiers, tenants and landlords. However, to ensure that you end up with the right cover for your home and contents, research a number of policies and shop around for the best* deal.
* The offers compared on this page are chosen from a range of products finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.