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AAMI Landlord Insurance Review

A $50 online discount and lucky club discounts are some of the reasons AAMI landlord insurance could be right for you.

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Our Verdict

  1. AAMI landlord insurance comes with $100 off when you buy online. Most policies offer a percentage discount based on your premiums so it's helpful to see exactly how much less you'll pay.
  2. You can get access to AAMI Lucky Club with comes with special offers and early access to events.
  3. Its policies cover you for up to 20 million in legal liability. That's similar to the majority of insurers we looked at.

Review by our insurance and innovations editor Gary Ross Hunter

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What does AAMI home insurance include?

Here's a quick overview of the main insured events it covers:

All policies have an excess (that's how much you'll need to pay when you make a claim) and a 21-day cooling-off period. You can cancel your policy within this timeframe for a full refund.

More detail on AAMI's home insurance features

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Cover options

An AAMI home insurance policy comes with 3 main policy options:
  • 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 the complete protection of your home and its contents to enjoy the extra peace of mind.

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Optional add-ons

With AAMI, there are 2 main cover options which could be good if you want more protection. These are as follows:
  • 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.

Make sure you read AAMI's PDS for a full list of inclusions and exclusions. You can also find out more about common policy exclusions here.

Am I eligible for a AAMI landlord insurance policy?

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

  • Those who have a tenanted property or unit and want to insure it for a tenant's domestic use (this may also include the contents if the property is furnished with the landlord's items). This policy isn't designed for short term rentals, holiday letting or house sharing.
  • 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.

What events does a policy cover?

Excludes retaining walls, sea walls, garden borders and free-standing outside walls
Excludes cost of cleaning mud or clearing debris, or replacing or storing water for swimming pools or spas
Excludes loss or damage from power failures or surges by your power provider
Excludes arcing, scorching or cigarette burns
Excludes loss or damage that occurs more than 72 hours after an earthquake
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
Excludes cost of removing fallen trees or branches that have not caused damage
Damage by an animal
Excludes damage from insects, rodents or vermin
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
Motor Burnout
Excludes the cost of extracting or reinstalling a submersible pump and loss or damage caused by flood if you do not have cover for 'Flood'.

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 or download the app to your smartphone for quick access at any time.

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