Is AAMI Home Insurance Right for Me? Compare AAMI Insurance
AAMI has issued more than 2.5 million policies to Australian customers. Providing a range of home, motor, compulsory third party and small business insurance policies, AAMI is owned by the Suncorp Group and its policies are underwritten by AAI.
AAMI offer several policies that you can take advantage of: AAMI Home Building Insurance, AAMI Home Contents Insurance, AAMI Home Building and Contents Insurance, Fire and Theft Contents Insurance and Landlord Insurance. These policies provide protection against key events such as fire, storm, flood and theft. These policies offer cover for a variety of needs and budgets.
AAMI also provides a hassle-free, paperless claims process to make it as smooth as possible ... should you ever need to make a claim under your policy.
Continue reading to find out more about the polices on offer from AAMI Home Insurance.
Find out more about AAMI Home Insurance
What options are available to me?
Okay, so what do these policies protect me against?
Are there any general exclusions of which I need to be aware?
How much is this going to end up costing me?
How does excess impact my home insurance?
AAMI Home Insurance Cover Options
What options are available to me?
- Home Building & Contents Insurance. As the name suggests, this policy protects your home and its contents against damage and loss caused by a wide range of risks including fire, storm, burglary, theft and flood. In addition to your home, garages and sheds at your property, this policy also covers loss and damage to your possessions.
- Home Contents Insurance. If you just want to protect your important possessions against loss and damage, this policy provides protection against fire, storm, lightning, earthquake, meteorites and theft. $20 million of legal liability cover is included, as is new-for-old replacement of your possessions.
- Home Building Insurance. If your home, including garages and sheds, is damaged by fire, storm, theft or a range of other events, AAMI Home Building Insurance will cover the cost of repairing or rebuilding your home. Policyholders can choose from Sum Insured or Complete Replacement Cover to suit their needs.
- Fire and Theft Contents Insurance. The contents of your home are covered against loss or damage resulting from fire or theft under this AAMI policy.$20 million of cover is also considered when you are held legally liable for causing property damage or injury to a third party.
- Landlord Insurance. Landlords can enjoy protection against any loss they may suffer as a result of owning a rental property. Both the building they own and its contents can be covered against damage from fire, theft and a number of other risks.
Okay, so what do these policies protect me against?
AAMI Home Insurance Levels of Cover
What is classed as a being part of you building?
AAMI Home Building & Contents Insurance offers protection for your building including:
- garages
- driveways
- permanently wired electrical appliances.
What contents are included?
- furniture
- clothes
- computer
- carpets
- jewellery
- possessions.
What are insured events?
- flood
- storm
- lightning
- fire
- earthquake
- tsunami
- theft
- burglary
- accidental breakage of glass
- escape of liquid
- impact
- explosion
- malicious acts
- vandalism.
AAMI Home Contents Insurance covers the loss of damage of the contents at your insured address. However, cover is not included for anything that is defined as the ‘building’. Some contents can be insured with fixed limits (such as home office equipment), some can be insured with flexible limits (such as jewellery), while you can also take out extra cover for your valuables.
What contents are included?
- furniture
- clothing
- computers
- unfixed electrical appliances
- internal blinds
- carpets
- wheelchairs.
What events are covered?
- flood
- storm
- lightning
- fire
- earthquake
- tsunami
- theft
- burglary
- accidental breakage of glass
- escape of liquid
- impact
- explosion
- malicious acts
- vandalism.
What am I covered for?
Under this AAMI policy, your building is covered for loss or damage caused by:
- lightning
- fire
- earthquake
- tsunami
- theft
- burglary
- accidental breakage of glass
- impact
- explosion
- malicious acts
- vandalism.
What is classed as a building?
AAMI’s definition of building includes:
- garages
- carports
- decks
- driveways
- permanently connected electrical appliances.
What isn't covered by this policy?
This policy does not include cover for temporary structures such as:
- caravans
- carpets
- new buildings being constructed
- anything classified as contents.
What does this policy cover?
- This policy protects the contents of your home when they are damaged or destroyed by fire or theft.
- This policy includes cover for $20 million of legal liability cover.
What doesn't this policy cover?
- However, there is no cover for damage caused by arcing, scorching or cigarette burns (unless a fire starts from the burn).
- In addition, there is no cover for theft or burglary by someone who enters the your home with your consent.
This policy covers the building and the landlord’s insured contents at a specified property. The building includes: This policy also includes protection for loss of rent when your tenant defaults on their payments.
- garages
- outbuildings
- driveways
- permanently wired electrical appliances.
What does landlord insurance cover?
Landlord contents include:
- carpets
- blinds and curtains
- furniture
- portable heaters.
What are the insured events for this policy?
- flood
- storm
- lightning
- fire
- earthquake
- tsunami
- theft
- burglary
- accidental breakage of glass
- escape of liquid
- impact
- explosion.
Are there any general exclusions of which I need to be aware?
Although the exact level of cover offered differs between policies, AAMI will generally not pay your claim if it is caused by:
- actions or movements of the sea
- aircraft shock waves
- biological or chemical pollutants, including rioting following the release of these
- you, or someone acting with your permission, breaking the law
- building extensions and renovations where cracking or subsidence occurs, or where unfinished construction causes storm, flood or water to enter the building
- bushfires, storms, floods and tsunamis in the first 72 hours of cover
- computer virus or hacking
- confiscation or damage by a legal authority, for example the police
- consequential loss
- defects, structural faults or design faults that you knew about but made no effort to fix
- deliberate acts or omissions by you
- tree lopping
- failure to take reasonable care of the building and contents, keep them well maintained and fix faults as soon as you become aware of them
- ground movement, including erosion, subsidence and landslide - except where subsidence and landslide are specifically covered under certain sections of the policy
- hazardous materials which are not stored or used in accordance with the law
- mechanical or electrical breakdown
- your failure to comply with building regulations
- corrupted, damaged or lost electronic data or files
- the replacement of water to tanks, pools, spas etc
- war or revolution
- damage to the roots of trees, shrubs or plants
- seepage of water
- structural improvements to units
- wear, tear and gradual deterioration.
How much is this going to end up costing me?
There are several factors that will affect how much your AAMI Home Insurance will cost, including:
- How does the policy I choose affect the cost of my insurance? It goes without saying that the higher the level of cover you choose, the more you’ll have to pay.
- How does the size of my home affect my premiums? The size and type of property you insure affects how much your cover costs. For example, a seven bedroom mansion on a huge block of land and with multiple outbuildings obviously costs more to insure than a two-bedroom unit.
- Can I pay less for my inference if my home has an alarm? Yes, if you have security features such as alarm systems you'll be able to get a reduced premium.
- How do 'extras' effect my premiums? Whether you choose to add extra cover for personal valuables, will effect how much you pay.
- How does where I live affect the cost of my insurance? Whether you live in a high-risk area for crime, storms and other risks.
- What else affects my premiums? Your premiums vary depending on whether you choose a Sum Insured or elect to have your policy cover the Complete Replacement Cost.
How does excess impact my home insurance?
You may have to pay an excess when you make an AAMI Home Insurance claim. AAMI offers the following types of excess:
- Standard excess. This is either $0 or $100.
- Flexi-Premium excess. You can choose to reduce your premium by paying a higher excess. You can choose a number of Flexi-Premium excess levels between $100 and $1,000 and this will need to be paid on top of your standard excess.
- Extra Cover excess. This is $100.
- Unoccupied excess. If the building has been unoccupied for more than 60 consecutive days at the time of the insured incident, you’ll have to pay this $1,000 excess.
How to Save on Your AAMI Home Insurance Policy
- Choose a higher excess. A Flexi-Premium excess from AAMI allows you to pay a lower premium.
- Insure your contents for less. The lower your level of cover, the less you’ll have to pay.
- Choose a different policy. You can save money on your Home Insurance by choosing to purchase a cheaper policy.
- Install security measures. Alarm systems, deadlocks and other security measures can reduce the risk of theft and therefore lower your premiums.
- Hold multiple policies with AAMI. Existing AAMI customers may be able to take advantage of a discount if they take out their Home Insurance with the same provider.
- Combine buildings and contents cover. You may be rewarded with a discount for doing this.
How do I make a claim?
- The first thing you should do when an incident occurs is to make sure everyone is safe. If the police or emergency services need to be contacted, do so as soon as possible.
- Once you’re satisfied that everyone is safe, take any reasonable steps you can to ensure that no further loss, damage or liability is suffered. For example:
- If a storm has caused a hole in your roof, cover the hole to minimise further damage.
- If you’ve been the victim of theft or malicious damage, remember to report the incident immediately to the police and obtain a copy of any report.
- Finally, it’s important that you contact AAMI as soon as possible to notify them of your claim. You’ll need to provide details of the insured incident and any supporting documentation which AAMI may request.
Quick answers to your questions
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.
Compare AAMI policies
If you’re hunting for competitive home insurance options for your building and contents, AAMI’s suite of home insurance policies may be worth considering. Just make sure to compare AAMI’s policies with those from other insurers to ensure you end up with the ideal level of cover.
If I have a H&C insurance and I store personal belongings for let’s say a relative/friend or an ex-partner and they’re damaged/stolen, would they be covered under MY policy?
Hi CPT,
Thanks for your question. It’ll depend on the items and your insurer. You should contact your provider directly about the specifics of your policy.
All the best,
Richard