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AAMI Landlord Insurance

Finding the right insurance for your home is a challenge. Finding one as a landlord can be even more stressful. Does AAMI have what you need?

Alexandra Koster
Alexandra Koster

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AAMI has been helping Aussies with their insurance for over 40 years. When you’re a landlord, you want to know that help is at hand, day or night. AAMI provides a range of options to claim, including online, over the phone and via its app. But what does its policies look like? What are you covered for and what exclusions are there? Read on for our full breakdown of AAMI landlord insurance.

warningSome landlord insurance policies have temporarily removed benefits such as rent default and a few others because of the pandemic. Make sure to check this with the insurer before deciding on a policy.
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What cover options does it have?

  • Building Only Insurance. When a policy mentions your home or a building, this includes pipes, cables, ducting, wires, switches, meters, fixed appliances, carports, patios, paved paths, driveways and other permanent fixtures (pools, spas, etc).
  • Contents Only Insurance. Referring to property owned by you as the landlord or for which you are responsible. This includes carpets, curtains, blinds, furniture, furnishings, non-permanent light fittings, removable domestic appliances, utensils, swimming pools and their accessories.
  • Combined Home & Contents Insurance. You can combine both policies for complete protection of your home and its contents.

What events does a policy cover?

IncludedExclusions
Flood
Excludes retaining walls, sea walls, garden borders and free-standing outside walls
Storm
Excludes cost of cleaning mud or clearing debris, or replacing or storing water for swimming pools or spas
Lightning
Excludes loss or damage from power failures or surges by your power provider
Fire
Excludes arcing, scorching or cigarette burns
Earthquake
Excludes loss or damage that occurs more than 72 hours after an earthquake
Tsunami
Excludes loss or damage that occurs more than 72 hours after a tsunami
Theft or burglary
Excludes loss or damage by tenants or their guests
Accidental breakage of glass
Excludes chips and scratches
Escape of liquid
Excludes wear and tear, or damage and loss over a period of time where reasonable repairs could have been carried out
Impact
Excludes cost of removing fallen trees or branches that have not caused damage
Damage by an animal
Excludes damage from insects, rodents or vermin
Explosions
Excludes cost of repairing or replacing the tank or container that exploded
Riot, civil commotion or public disturbance
Excludes damage caused by tenants or their guests
Malicious acts and vandalism
Excludes damage caused by tenants or their guests
Loss of rent after an event
Limited to 52 weeks and a total of $25,000
Other repair/rebuilding costs
Excludes upgrades and repairs past the building’s original state before damage
Removal of debris
Excludes tree roots and fallen trees that haven’t caused any damage
Storage of undamaged landlord contents
Excludes storage costs outside Australia and once the insured address can be returned to
Mortgagee discharge costs
Excludes penalty interest rate charges or early loan repayment charges imposed by your credit provider

What additional cover options are there?

  • Motor burnout. If an electric motor burns out or fuses, this optional cover will cover the cost to repair or replace the motor, whether it’s part of your home contents (home appliance, etc) or part of the building (garage door, etc).
  • Complete replacement cover. A “new for old” replacement option for any damage or loss to your home building or its contents.
  • Tenant protection. Offers full protection for any tenant-related event, such as tenant default on rent, theft, vandalism or malicious damage by tenants or their guests, and replacement of locks.

Do I have legal liability?

Yes. All policies have a limit of $20 million from any legal claims and costs, and extends to your building if you are required to pay compensation for death or injury on your property, and landlord contents that cause death or injury.

What excess do I need to pay?

If the worst should happen and you need to make a claim, you will often be required to pay an excess (unless otherwise outlined in your policy) for each claim you make. For example, if a fire damaged your house you would need to claim for the damage and pay an excess. If the house was unusable, you could claim for loss of rent, which would require an additional excess. Your excess amount for each claim will depend on your level of cover and the sum you are claiming for.

How do I make a claim?

In the event of an emergency, contact any appropriate emergency services and take and measures to prevent or reduce any further loss or damage if it’s safe to do so. Collect any documents or reports and contact AAMI on 13 22 44, 24/7 to begin your claim process. You can also go online https://online.aami.com.au or download the app to your smartphone for quick access at any time.

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