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?
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.
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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?
| Included | Exclusions | |
|---|---|---|
| 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.
