AAMI Home & Contents Insurance Guide

The ‘building sum insured’ is the most we will pay to repair or rebuild loss or damage to your home caused by an insured event, unless you have the Complete Replacement Cover® Option (see below). It is the amount stated as the building sum insured on your certificate of insurance. The building sum insured amount is for the building at your insured address, and the building includes structural improvements such as garages, domestic outbuildings, pergolas, fences, fixed swimming pools, concrete paths, and paving.

Generally, you set the building sum insured when you take out a policy with us, and we may adjust it when it’s time to renew your policy. It’s important for you to ensure that the building sum insured is accurate to help avoid being under-insured (and risk not having enough cover) or over-insured (and paying more for your building cover) as we don’t pay you extra if you over-insure. Consider if your sum insured meets your needs in the event the building is damaged or destroyed.

If you have the Complete Replacement Cover® option on your AAMI Home Building Insurance, you won’t have to set a building sum insured. That is, if your home needs to be repaired or rebuilt due to an insured event, we’ll help cover insured loss or damage to the building up to the amount of the assessed quote to repair or rebuild on a ‘new for old’ basis.

You can learn more, including about this optional cover and when it can be added to your policy, and full details on limits, conditions and exclusions in the Product Disclosure Statement.

Use our Building and Contents calculators to help you calculate the replacement value of your home and contents.

Home Building & Contents Insurance Calculators
 

Good news! Your carpets, internal blinds and shutters, drapes, or curtains may be covered under AAMI Home Contents Insurance cover. But know that they aren’t covered under our AAMI Home Building Insurance policy. We provide more detail about what’s covered in the Product Disclosure Statement.

Under your AAMI Home Contents Insurance policy we will cover loss or damage to your carpets, internal blinds and shutters, and drapes, or curtains at the insured address caused by an insured event. Know there is a limit of $2,000 per carpet or rug which are hand woven or hand knotted unless you choose to increase the limit for an extra premium. Conditions and exclusions apply. You can find out more in the Product Disclosure Statement.

But what’s an insured event, you ask? You can learn more about these events in the Product Disclosure Statement.

Yes, AAMI Home Contents Insurance offers an optional cover for an additional premium called ‘Extra Cover Portable valuables’, which provides cover for accidental loss or damage to your valuable personal belongings at and away from the insured address anywhere in Australia and New Zealand. For jewellery and watches, they are also covered worldwide for up to 30 consecutive days but only while being worn by you or while in a secure safe.

There are two types of Extra Cover Portable valuable covers – unspecified items and specified items.

Under the ‘Extra Cover Portable valuables - unspecified items’, you can choose a sum insured from the amounts we offer but there is a $1,000 limit per item, pair, set or collection. The most we will pay for all unspecified items in total is the sum insured shown on your certificate of insurance for extra cover unspecified items.

You don’t have to individually list items on your certificate of insurance with this optional cover, but some items such as mobile phones and laptops cannot be insured as unspecified items and instead need to be specified on your policy under AAMI’s ‘Extra Cover Portable valuable – specified items’ cover.

So, if you want to specifically insure certain portable valuable items while you are out and about, like your mobile phone, or laptop, consider if AAMI’s ‘Extra Cover Portable valuable - specified items’ may suit your needs.

You can ask us to insure the item for an extra premium by giving us the full description and replacement value. If we agree and you pay the additional premium, the item will be listed individually on your certificate of insurance together with the sum insured for that item.

In the event of a claim, if your items are no longer available for inspection (for example, because they were stolen or destroyed in a fire), we will ask for proof of purchase like receipts or valuation certificates, especially for jewellery and watches. We may also ask for other information such as proof of loss, ownership and value of the items claimed. So, make sure you keep your receipts safe for when you need them.

Limits, conditions and exclusions apply. You can learn more about these in the Product Disclosure Statement.

With AAMI, some categories of contents items have flexible limits meaning you can increase the limit for those items for an extra premium. These categories are:

• jewellery and watches,
• hand woven or hand knotted carpets or rugs,
• paintings, pictures, works of art, antiques, sculptures, ornaments and art objects,
• collections, sets and memorabilia, including stamp collections, collector’s pins, medals and currency no longer in circulation,
• commercially produced audio and video media, and computer and game console software.

When you ask us to increase an item’s limit, it will be listed on your certificate of insurance along with its sum insured. However, if you don’t, then the most we will pay for the flexible contents item is the limit shown for the item in the Product Disclosure Statement.

No. We do not cover any loss or damage connected with ‘wear, tear and deterioration’.

Examples include but are not limited to:

• tiles and their adhesive or grouting breaking down;
• wear, tear, or fading of carpets, furniture, and furnishings (including curtains and drapes).

There is more information about this in the Product Disclosure Statement.