AAMI Home Insurance
Information verified correct on November 15th, 2015
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AAMI has issued more than 2.5 million policies to Australian customers. Providing a range of home, motor, compulsory third party and small business insurance policies, AAMI is owned by the Suncorp Group and its policies are underwritten by AAI.
AAMI offer several policies that you can take advatage of: AAMI Home Building Insurance, AAMI Home Contents Insurance, AAMI Home Building and Contents Insurance, Fire and Theft Contents Insurance and Landlord Insurance. These policies provide protection against key events such as fire, storm, flood and theft. These policies offer cover for a variety of needs and budgets.
AAMI also provides a hassle-free, paperless claims process to make it as smooth as possible. should you ever need to make a claim under your policy.
Okay, so what do these policies protect me against?
Are there any general exclusions of which I need to be aware?
Although the exact level of cover offered differs between policies, AAMI will generally not pay your claim if it is caused by:
- actions or movements of the sea
- aircraft shock waves
- biological or chemical pollutants, including rioting following the release of these
- you, or someone acting with your permission, breaking the law
- building extensions and renovations where cracking or subsidence occurs, or where unfinished construction causes storm, flood or water to enter the building
- bushfires, storms, floods and tsunamis in the first 72 hours of cover
- computer virus or hacking
- confiscation or damage by a legal authority, for example the police
- consequential loss
- defects, structural faults or design faults that you knew about but made no effort to fix
- deliberate acts or omissions by you
- tree lopping
- failure to take reasonable care of the building and contents, keep them well maintained and fix faults as soon as you become aware of them
- ground movement, including erosion, subsidence and landslide – except where subsidence and landslide are specifically covered under certain sections of the policy
- hazardous materials which are not stored or used in accordance with the law
- mechanical or electrical breakdown
- your failure to comply with building regulations
- corrupted, damaged or lost electronic data or files
- the replacement of water to tanks, pools, spas etc
- war or revolution
- damage to the roots of trees, shrubs or plants
- seepage of water
- structural improvements to units
- wear, tear and gradual deterioration.
How much is this going to end up costing me?
There are several factors that will affect how much your AAMI Home Insurance will cost, including:
- How does the policy I choose affect the cost of my insurance? It goes without saying that the higher the level of cover you choose, the more you’ll have to pay.
- How does the size of my home affect my premiums? The size and type of property you insure affects how much your cover costs. For example, a seven bedroom mansion on a huge block of land and with multiple outbuildings obviously costs more to insure than a two-bedroom unit.
- Can I pay less for my inference if my home has an alarm? Yes, if you have security features such as alarm systems you’ll be able to to get a reduced premium.
- How do ‘extras’ effect my premiums? Whether you choose to add extra cover for personal valuables, will effect how much you pay.
- How does where I live affect the cost of my insurance? Whether you live in a high-risk area for crime, storms and other risks.
- What else affects my premiums? Your premiums vary depending on whether you choose a Sum Insured or elect to have your policy cover the Complete Replacement Cost.
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How does excess impact my home insurance?
You may have to pay an excess when you make an AAMI Home Insurance claim. AAMI offers the following types of excess:
- Standard excess. This is either $0 or $100.
- Flexi-Premium excess. You can choose to reduce your premium by paying a higher excess. You can choose a number of Flexi-Premium excess levels between $100 and $1,000 and this will need to be paid on top of your standard excess.
- Extra Cover excess. This is $100.
- Unoccupied excess. If the building has been unoccupied for more than 60 consecutive days at the time of the insured incident, you’ll have to pay this $1,000 excess.
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How to Save on Your AAMI Home Insurance Policy
- Choose a higher excess. A Flexi-Premium excess from AAMI allows you to pay a lower premium.
- Insure your contents for less. The lower your level of cover, the less you’ll have to pay.
- Choose a different policy. You can save money on your Home Insurance by choosing to purchase a cheaper policy.
- Install security measures. Alarm systems, deadlocks and other security measures can reduce the risk of theft and therefore lower your premiums.
- Hold multiple policies with AAMI. Existing AAMI customers may be able to take advantage of a discount if they take out their Home Insurance with the same provider.
- Combine buildings and contents cover. You may be rewarded with a discount for doing this.
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How do I make a claim?
- The first thing you should do when an incident occurs is to make sure everyone is safe. If the police or emergency services need to be contacted, do so as soon as possible.
- Once you’re satisfied that everyone is safe, take any reasonable steps you can to ensure that no further loss, damage or liability is suffered. For example:
- If a storm has caused a hole in your roof, cover the hole to minimise further damage.
- If you’ve been the victim of theft or malicious damage, remember to report the incident immediately to the police and obtain a copy of any report.
- Finally, it’s important that you contact AAMI as soon as possible to notify them of your claim. You’ll need to provide details of the insured incident and any supporting documentation which AAMI may request.
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