AAMI Home Insurance

Our Verdict

• AAMI is a well-known home insurer in Australia.
• It offers unique benefits like Complete Replacement Cover and AAMI Home Assist – things you don't get with other brands.

• AAMI is underwritten by AAI Limited which doesn't have the best track record.

• Explore AAMI's past Award wins

  • Finalist for Best Home Insurance - Comprehensive 2023
  • Finalist for Best Home Insurance - Value 2023

What home insurance cover does AAMI offer?

AAMI offers the normal 3 types of home insurance: Building, Contents, and a combined Home and Contents policy. They also offer optional extras so you can tailor your policy, and Landlord Insurance to protect your investment properties.

An AAMI Home Insurance policy can cover you for these insured events and more:

AAMI offers varying excesses from $200 up to $3,000. You can choose a different excess for the building part of your policy, and a different excess for the contents part. This will impact the cost of your policy, but it also gives you the opportunity to choose an excess you feel comfortable with.

AAI Limited issues AAMI Home Insurance policies, and there's a cooling off period of 21 days in case you change your mind.

Here's a rundown of AAMI Home Insurance

Standard features

These are some of the benefits that AAMI can cover you for if an insured event causes damage to your home or property.

• Other repairs and rebuilding costs
• Removal of debris
• Temporary accommodation
• Motor burnout

• Accidental breakage of glass
• Exploratory costs where a leak is not covered under insured event "Escape of liquid"
• Damage from physical injury

Optional add-ons

This is optional cover that you can take out to customise your policy. Just keep in mind, these will probably cost you a bit extra.

• Complete replacement cover
• Accidental damage at home

• Excess-free glass cover
• AAMI Home Assist

Exclusions

These are some general exclusions. This means that AAMI won't usually cover damage or loss caused by some of these things:

• Actions or movement of the sea
• Deliberate or reckless actions
• Mould or mildew
• Breaking the law

• Asbestos
• Not complying with building laws or regulations
• Building not in good condition
• Building extensions, alterations or renovations

Always remember to check the Product Disclosure Statement (PDS) of your policy to get the full list of exclusions, so you know what you're signing up for. You can also check out our guide on general exclusions.

Here's a review of AAMI complaints

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2022 and June 2023. The data breaks down different underwriters and compares their business size to the number of complaints processed.

When comparing insurers, keep in mind that insurers with a larger market share serve more customers, so can potentially get more complaints.

Here's an overview of how AAMI (AAI Limited) did:

• AAI was able to resolve most of its complaints by the end of the overall complaints resolution process.

• While it's quite common to see very large firms with a high number of complaints, AAI Limited has the highest volume of complaints compared to Insurance Australia and QBE. It also has the lowest percentage of complaints resolved.

Here's the bottom line about AAMI Home Insurance

AAMI is a well-known brand in the home insurance space. It offers unique benefits like Complete Replacement Cover and AAMI Home Assist which is something that most other companies don't do.

One thing to note is that AAMI's underwriter has historically had a large number of complaints, so make sure you read the PDS to understand what you're signing up for.

Not sure yet? You can compare other home insurance brands side-by-side so that you end up with a policy you're happy with.

Why you can trust Finder's home insurance experts

Frequently asked questions

• How do I claim on an AAMI Home Insurance policy?

  You can make a claim online or through the mobile app.

  It can take about 10 minutes to complete the form online. It's also a good idea to have the following information handy:

  • Your personal details and policy number (if you don't have a paper copy, try find it in your emails)
  • Information about what happened, including what kind of damages you'll be claiming for
  • Evidence of the event like photos, invoices, police reports, quotes, etc.

• Who's eligible for an AAMI Home Insurance policy?

  According to AAMI's Target Market Determination (TMD) document, this product is suitable for:

  • Those who own and live in their homes for domestic purposes
  • Those who want to insure their contents (used for domestic purposes) at a permanent residence – this can be for homeowners and renters
  • Those who have a home that meets underwriting criteria, like having an acceptable building type, living in an acceptable postcode, and that your home is maintained

• Do I need Home and Contents Insurance?

  Your home is the most valuable asset you own, so consider whether you'd be able to cope financially if it was significantly damaged or even destroyed. Similarly, your possessions are often just as important and need to be protected, so Home and Contents Insurance is all about providing peace of mind.

• How much should I insure my contents for?

  It's usually a good idea to insure your contents for their new-for-old replacement value.

• I'm a landlord and I want extra tenant protection. Is this possible?

  Yes, you can apply for optional cover to be added to your AAMI Landlord Insurance policy that will cover you for malicious damage and theft by your tenants and their visitors, as well as for loss of rent if your tenant stops paying. However, you will need to pay an extra premium for this cover.

• Why should I opt for Complete Replacement Cover for my home?

  Although Sum Insured Cover is cheaper to take out, Complete Replacement Cover ensures that it covers the cost of repairing or replacing your home, no matter how much it costs. A Sum Insured policy sets a limit on how much AAMI will pay out.

Leave an AAMI Home Insurance review

If you've held, or currently hold, an AAMI Home Insurance policy, we'd love to hear from you. Your reviews help other Australians decide if AAMI is right for them. Some reviews are from a survey commissioned by Finder.