Does your insurer offer
Complete Replacement Cover?
Some only insure your house for a set sum, but if anything happens, will that be enough to repair it as it was?
Lucky you're with AAMI
out of 5
Building sum insured
Covering the replacement cost of your home
Optional Cover
Complete Replacement Cover
If your house needs to be repaired or rebuilt after an insured event, we will offer to repair or rebuild your house as it was, or pay you the amount of the assessed quote to repair or rebuild it – without you having to set a specific sum insured.
how it works
You can upgrade to Complete Replacement Cover when you get your quote online.
Standard Cover
Sum Insured Cover
You specify a sum insured on your policy, which should reflect how much it’d cost to rebuild your house. If the house is damaged in an insured event, this amount is the maximum we’ll pay to rebuild or repair it.
how it works
This is included as standard with AAMI Home Insurance policies.
how to get it
Policy document downloads
We all want our home and belongings protected against life’s surprises.
But what if there is an insured event and the amount listed on your certificate of insurance isn’t enough to rebuild your home or replace your contents?
This is known as underinsurance.
Underinsurance can happen for many reasons:
If your home or contents are not valued according to their repair, rebuild or replacement costs when purchasing or updating your policy.
If you renovate your home but don’t adjust the building value on your policy – also known as the sum insured.
If you purchase new items, like appliances or furniture, but don’t adjust the value of your contents on your policy.
With the cost of living rising, it may be tempting to have a lower sum insured to save money on your insurance premium.
But if you need to claim, your insurance policy might only cover a portion of the repair, rebuild or replacement costs, leaving you to pay the rest.
When it comes to choosing a set sum insured for your policy, there are a few simple steps you can take to help avoid being underinsured.
Use the AAMI Home Building and Contents calculator to get an estimated rebuild cost for your home and estimated total replacement costs for your contents.
A qualified builder can also provide further help with estimating rebuild costs according to current building standards.
Make a list of your belongings to ensure your contents sum insured is accurate. For particularly valuable items, take a photo, note their value, and save any receipts.
Keep this list up to date by adding any new items you purchase for your home.
No two home insurance policies are the same, which means it’s important to read your policy documents.
Knowing what your policy does and does not cover, and any limits that apply, will help give you confidence that you’re covered if you ever need to claim.
With AAMI, you can also choose our optional Complete Replacement Cover for the home building.
Complete Replacement Cover is our best protection against underinsurance as we’ll repair or rebuild your home as it was or pay you the amount of the assessed quote to repair or rebuild it, without you needing to set a sum insured.
And remember, don’t set and forget. As your life circumstances change, so should your home and contents insurance policy.
Regularly review your policy details to ensure your cover is up to date and meets your needs.
Download the AAMI App or log in online to update your policy.
And for other helpful tips, visit the AAMI Informed site.
Get it now
How to get AAMI Complete Replacement Cover
New Customers
Select the AAMI Complete Replacement Cover Optional Cover when you get an AAMI Home or Landlord Insurance quote. AAMI Complete Replacement Cover will automatically be added to your quote when applying.