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Home insurance excess explained
Confused about home insurance excess? You’re not alone! Here’s how it works.
What is an excess?
An excess is the amount you pay towards the cost of your claim for an incident covered by your policy. Sometimes, depending on the circumstances of the claim, you might have to pay more than one type of excess. The amount and types of excess are shown on your certificate of insurance — which, if you’re an AAMI customer, can be found in the AAMI App or in your AAMI My Account.
How much will my excess be?
It depends on your policy, and the nature of your claim. Exact amounts are shown on your certificate of insurance, which can be found in the AAMI App or your AAMI My Account if you’re an AAMI customer.
Depending on the circumstances of your claim, other excesses may apply. More information on excesses can be found in the PDS.
Are there different types of home insurance excess?
With AAMI, there are three types of home insurance excess:
AAMI Flexi-Premiums® excess
This excess applies to all claims unless your policy states that no excess applies to your claim.
An additional excess may apply to your policy based on our assessment of the risk. If an additional excess applies to your policy, this excess is payable in addition to any other excess, unless stated otherwise in your policy.
|This excess applies in addition to any other excess if at the time of the incident covered by your policy, the building has been unoccupied for more than 60 continuous day.|
Can I change my home insurance excess?
You sure can. With AAMI Flexi-Premiums® you’re in control of your excess. Choose to either increase your excess to lower your premiums, or lower your excess and have a higher premium.
When do I pay my excess?
If an excess applies to your AAMI Home Insurance claim, either:
- you pay the excess(es) directly to us before we finalise your claim, or
- the excess(es) can be deducted from the amount we pay you for your claim (if any).
How to pay an excess
Will I have to pay two excesses if I make a claim for loss or damage to my home and contents?
When both the building and contents at the one insured address are insured with us, and your claim is for loss or damage to both arising from the same incident, you'll have to pay whichever AAMI Flexi-Premiums® excess is the higher of the two (plus any other applicable excess under this cover that may apply) once your claim has been accepted.
When don’t I have to pay an excess?
We'll waive your excess if:
- you’re not responsible for the loss or damage and the incident was caused by someone else who doesn’t live at the insured address. You may be able to show this by providing a police report, expert reports, statement from a witness and/or photographs; and
- you can give us the name and address of the person responsible.
An excess also won’t apply if you’ve added Optional Excess-Free Glass cover to your AAMI Home Insurance policy for an additional premium, and you’re just making a claim for broken glass under that cover.
Need to make a claim?
- A guide to creating and maintaining your home inventory
- Is my home covered while unoccupied?
- Are broken windows covered by insurance?
Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as AAMI. Read the relevant Product Disclosure Statement before buying this insurance.
This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.