Our Review of AMI Home and Contents Insurance

Welcome to our review of AMI Home and Content Insurance. This review covers a summary of AMI Home and Contents Insurance policies, and who the policies may be suited to. We outline the types of policies they offer, and compare their policies side-by-side. How much does AMI Home and Contents Insurance cost and how can you get cheaper insurance with AMI?

For most people, your home and the contents inside it will be the most valuable assets you own. With all the providers and policies out there, it is worth taking the time to request quotes from several providers to compare the policies and costs. AMI Insurance could be a good option to consider.

Summary of AMI Home & Contents Insurance

  • AMI Insurance is very well established in New Zealand, operating since 1926
  • They are the insurer of choice for thousands of New Zealanders – looking after over 500,000 customers.
  • AMI are part of IAG, the largest insurance group in New Zealand and Australia. IAG has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency. A rating of AA- means IAG has a ‘very strong’ claims-paying ability.
  • As a large, established provider they have 60 stores nationwide for face-to-face support, along with customer support available over the phone, online or on Facebook.

Who is AMI Home & Contents Insurance suited to?

As a large NZ insurance provider, AMI offer a range of home and contents policies to suit most people. Whether you are looking for comprehensive policies to protect a large family home, more cost effective flexible polices, or if you are flatting and just need to cover a few important items. AMI could be a good choice if:

  • A well-established provider with a good track record
  • Manage your claims online - lodge your claim and track open claims in your online account.  You can also make life much easier by uploading receipts, photos and documents to that they’re all stored in one place
  • Well established with an AA-strength rating – this means that AMI have a ‘very strong’ claims paying ability

How to get cheaper Home and Contents Insurance with AMI

  • Get a multi policy discount: receive discounts if you have multiple insurance policies with AMI. For example: home, contents, car, lifestyle or boat policies.
  • Make sure you have the right level of cover to suit you: think about finding a balance between the level of insurance you need and how much you want to pay to protect your home and contents. Comprehensive policies will cover more, and often provide ‘new for old’ cover, but they will also cost more. We’ve outlined AMI’s main home and contents insurance policies below.   
  • Adjust your excess payment: increasing your excess can significantly decrease your premium payments. The excess is the amount that you pay if you make a claim. Premiums are the regular payments you make for your policy (usually fortnightly, monthly or annually)

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AMI Home insurance

Outline of AMI Home Insurance

Choose the level of cover that suits your situation and needs: AMI Premier House Cover, AMI Market Value House Cover, or AMI Landlord Insurance.

AMI Premier House Cover:

This is a replacement home insurance policy. Here is an outline of the type of cover:

  • Insure your house for replacement value up to a maximum specified dollar amount (the Total Sum Insured).
  • This can include cover for unique features on your property like retaining walls or recreational features like tennis courts, and permanently fixed swimming pools or spa pools.
  • Protects you if you accidentally damage someone else’s property, for example if your fence falls over and damages the neighbour’s car.
  • Cover if your home is damaged or destroyed by a natural disaster
  • Cover for your keys if they are lost, stolen or illegally copied
  • Temporary accommodation up to $20,000 or 12 months, whichever is the lesser
  • Hidden gradual damage up to $1,500
  • Only pay one excess if both your house and contents are insured with AMI and both are damaged due to the same event.
  • Learn more about policy details and what’s covered by the AMI Premier House policy
     

AMI Premier House

AMI Market Value House Cover

Covers your home for its market value at the time of damage, or up to the limit you select as the sum insured. Here is an outline of the type of cover:

  • If your house is damaged or destroyed AMI will either repair the damage or pay you its market value (excluding land) at the time of the damage. AMI will pay the lesser of the market value of your house, or the limit you choose as the sum insured.
  • Cover if you damage someone else’s property, for example if your fence falls over and damages the neighbour’s car.
  • Temporary accommodation up to $20,000 or 12 months, whichever is the lesser
  • Hidden gradual damage up to $1,500
  • Learn more aboutpolicy details and what’s covered by the AMI Market Value House Policy
     

AMI Market Value House Cover 

AMI Landlord Insurance

Protect your rental property with AMI Landlord Insurance. This policy includes comprehensive replacement cover for your rental property up to the Sum Insured amount. Here is an outline of the type of cover included:

  • Sudden and accidental damage, for example a leaking dishwasher or something else accidentally caused by your tenants
  • Hidden gradual damage up to $1,500, for example to repair hidden gradual damage caused by leaking internal water pipes
  • Damage caused by methamphetamine contamination (Landlord obligations and exclusions apply.)
  • Up to $1 million for accidental damage to someone else’s property, including cover for damage to tenants' contents up to $20,000.
  • If your rental is damaged or destroyed by a natural disaster and covered by the Earthquake Commission, they will cover you up to a certain limit. AMI's Premier Rental Property Insurance may top up this cover if repairs cost more than that limit.
  • Learn more about policy details and what’s covered by the AMI Landlord Insurance Policy
     

AMI Landlord Insurance

How much does AMI Home Insurance cost?

The cost of AMI Home Insurance will depend on your unique situation. It’s easy to get started by requesting a quote online. It is helpful to have the following information ready:

  • How many dwelling are on the property
  • Any renovations or works planned on your property
  • The date you want the cover to start
  • Address
  • Who lives in the home
  • Details of any other insurance policies you or your spouse hold with AMI (eg: car, contents, farm / lifestyle, or boat)
  • Details about your property including the building type, what the house is made of, what the roof is made of, the built standard, the year it was built, the year you bought it, the number of storeys and the floor area
     

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AMI Contents Insurance

Outline of AMI Contents Insurance

AMI Contents insurance covers your household contents from theft, fire, storm or flood - both in your house or when temporarily removed within NZ. The policies provider household contents cover for items owned by you and your immediate family who reside with you.

Contents insurance protect the contents of your home, giving you peace of mind that you’re protected if the unexpected happens. We’re all a bit different – so AMI offers different levels of cover whether you’re renting, or looking for comprehensive protection for you and your family.

The insurance policies also cover you for temporary accommodation, natural disasters, and personal liability if you accidentally damage someone else’s property

Advanced Contents (highest level of cover)

Advanced Content insurance offers AMI’s highest level of protection providing full repair or replacement cover for almost any household item regardless of age. This policy included a number of features to protect your household contents, and make life easier if the unexpected happens. Here is an outline of what’s included in the policy:

  • Most of your household items will be repaired or replaced, no matter how old they are. This is also known as ‘new for old’
  • AMI Advanced cover protects you if your household contents are damaged or destroyed in a natural disaster.
  • You will also be protected if you accidentally damage someone else’s property.
  • The policy also gives peace of mind by including temporary accommodation costs if this house you live in is damaged or destroyed. And it covers storage costs up to a certain amount if your need to store your household contents while your house is uninhabitable.  
    • Advanced contents includes repair or replacement cover for your furniture, TV, whiteware, electrical appliances, carpets under 10 years old, curtains, spectacles, dentures, hearing aids, light fittings, jewellery up to a certain amount, works of art up to a specified amount, and more.
    •  Plus market value cover for items like clothing, footwear, household linen, sports and camping equipment, computer software and carpets over 10 years old
  • This is a brief outline of AMI Advanced Cover Check out AMI for policy details and a full list of what’s covered
     

Advanced contents

Premier Contents (medium level)

This plan is a bit cheaper with the flexibility of a lower level of cover, if you don’t quite need all the bells and whistles of the Advanced Contents policy. Here is an outline of what is covered in the policy:

  • Repair or replace most major household items that are under 10 years old and most furnishings that are under 5 years old. Your other items are insured for their market value.
    • Repair or replacement for items under 10 years old that are stolen or damaged at your home. This includes items like furniture, TV and stereo, Fridge & freezer, microwave, home appliances, computer, laptop, tablet, lawnmower and tools. And for items under 5 years old including carpets, curtains, your spectacles, dentures and hearing aids
    • Market value cover for major household items over 10 years old and carpets and curtains under 5 years old. Plus market value cover for items clothing, footear, camera, kitchen crockery and cutlery, and other household items. Plus items like jewellery, watches, and works of art (up to a specified amount)
  • You will also be protected if you accidentally damage someone else’s property.
  • The policy also gives peace of mind by including temporary accommodation costs if this house you live in is damaged or destroyed.
  • This is a brief outline of AMI Premier Contents Check out AMI for policy details and a full list of what’s covered
     

Advanced contents

Renters Insurance (cover for up to $10,000)

The perfect option if you are flatting and you don’t have a heap of stuff.  Here’s an outline of what the policy includes:

  • This policy includes the highest level of cover, meaning that most of the things you own will be repaired or replaced brand new, no matter how old they are. This is also known as ‘new for old’. So if you have a vital laptop or TV, or you can’t live without your phone – they’ll be replaced or repaired as new if they’re stolen or damaged.
  • Legal liability: you’ll also be protected if you if an accident happens outside your home and you accidentally damage someone else’s property.
  • Protection when you’re out and about: renters insurance will cover your stuff at home and when you’re out and about
  • Multisaver discounts: receive multi policy discounts if you take out Young Driver’s Insurance with AMI
  • This is a brief outline of AMI Renters Insurance Check out AMI for policy details and a full list of what’s covered
     

Renters Insurance

How much does AMI Contents Insurance cost?

The cost of AMI Contents Insurance will depend on your unique situation, for example how much you have in your home and then level of cover you want. It’s easy to get started by requesting a quote online. It is helpful to have the following information ready:

  • House address
  • Who lives in your home
  • Whether you have a security alarm
  • Details of any other insurance policies you or your spouse hold with AMI (eg: car, house, farm / lifestyle, or boat)
  • The type of house you live in and approximate year it was built
  • Any specific items you would like to cover, like cameras, collections, watches, jewellery etc.
  • The total cost of replacing your contents in today’s price (AMI have a handy online calculator to help work this out)
     

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