Sum Extra

28 Jul 2015

A new benefit to make AMP home insurance go further.

SumExtra provides full replacement value if the house is destroyed by fire or other non-natural disasters. And there’s more: in the event of a natural disaster 10% extra cover is provided over and above the existing policy sum insured value.

SumExtra is the first benefit in the market that truly addresses the underinsurance risk faced by home owners failing to accurately measure the cost of rebuilding their home.

Full replacement or repair for fire and non-natural disasters

If the loss to your home is caused by fire or other non-natural disasters, with SumExtra you’re covered for the repair or replacement of their home, even if the cost exceeds the sum insured amount.

10% extra cover for natural disasters

With SumExtra, if your home is damaged or destroyed in a natural disaster1and your sum insured isn’t enough to pay for the repair or rebuild, you will now receive up to 10% more cover.

It costs nothing to get SumExtra and there’s no need to sign up for it

Almost all our home policyholders can take advantage of SumExtra. You just need to:

Estimate your home’s replacement cost using the Standard Cordell Online Calculator or contact us and we can do this for you over the phone.

Use the estimate to set the sum insured value, which must be at least the value of this replacement cost estimate

Regularly re-estimate the replacement cost – the estimate needs to be less than three years old at the time they set their sum insured.

Once that’s done, you’ve got SumExtra – just like that!

View the Standard Cordell Online Calculator