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First home buyers insurance guide
Why do I need home insurance?
Good question! Luckily, there’s an easy answer. Home Insurance can help if something bad happens to your house. Depending on your type and level of cover, that something could include weather events like storms and bushfires, or unfortunate incidents like break-ins.
It’s also worth noting that you may be required to have home insurance as a condition of your mortgage, so definitely double-check that.
Types of home insurance
Home Building and Contents Insurance
Home Building Insurance covers the building itself (your walls, your windows, your walk-in wardrobes, etc.), while Contents Insurance covers the stuff in it (your couch, your computer, your coffee machine, etc.). If you’re an owner-occupier, you probably need both.
Strata Insurance covers residential properties under a strata title, body corporate, owners’ corporation or strata manager. It’s great for townhouses and flats, and one policy can cover up to 10 properties on one block or in one building. It also includes cover for shared areas, like driveways and parking areas.
For an AAMI Strata Insurance quote simply call us on 13 22 44. Unlike the appropriate volume for your party playlist, this is something you and your neighbours can all agree on!
Accidental Damage at Home cover
Want to be covered for loss or damage caused by accidents around the house? Say hello to our new optional Accidental Damage at Home cover. If you accidentally drop, knock, spill or otherwise damage something at home, this optional cover helps you sort out a repair or replacement. It can apply to your house itself, your contents, or both, depending on your policy.
Portable Valuables Cover
You have the option of adding Portable Valuables Cover for an additional premium, meaning personal valuables like jewellery, laptops or mobiles phones could be protected against loss or damage, at or away from home.
Excess-Free Glass cover
Fixed glass is covered under your home building insurance, but you’ll have to pay an excess if you make a claim. With AAMI Excess-Free Glass you don’t! Replace broken glass in things like fixed mirrors and windows in your home - without paying an excess.
What does home insurance cover, exactly?
Home Building Insurance covers your house — as we mentioned — and it also covers other permanent structures. These can include garages, sheds, fences and solar panels.
Contents Insurance covers the stuff inside your house. This can include furniture, appliances, curtains—all sorts of stuff! There are a handful of things we don’t cover though, such as electrical appliances that no longer work for their intended purpose. AAMI offers flexible Home And Contents Insurance to suit a variety of specific needs. Find out where you fit.
With AAMI, you’re covered for lots of things! Floods, storms, lightning strikes, earthquakes—even meteorites! Yes, we know meteorite damage isn’t likely, but it’s better to be safe than sorry. You’ll also be covered for things like burglary and vandalism, or damage caused by animals that aren’t yours.
When should I get home insurance?
There’s a stage in the home buying journey where you as the buyer become responsible for damage to the home building, and when this is, differs between the states and territories. For example, in NSW and VIC the buyer is responsible for damage to the property upon settlement. Whereas in TAS, SA and ACT, the buyer is responsible from the moment the contracts are exchanged.
While home insurance isn’t a legal requirement, any damage to your home once it’s legally your responsibility will be yours to pay. And like we mentioned earlier, some lenders require you to have home insurance as a condition of your mortgage.
How much home insurance do I need?
When taking out a new Home Insurance policy, you’ll need to choose a sum insured — that is, the amount listed on your policy as the most we’ll pay to repair, replace or rebuild your home and/or contents in the event of a claim. Use our Home Building and Contents Calculators to help you choose the right figure. You can also contact a builder or professional valuer for a more accurate estimate.
What is Complete Replacement Cover?
With Complete Replacement Cover (CRC), there is no set sum insured; that is, there is no maximum amount we’ll pay to repair or replace your home after an insured event. Once your claim is approved, we’ll repair or rebuild your house as it was, or pay you the amount of the assessed quote to repair or rebuild it. People who aren’t sure how much it would cost to rebuild their home might like this option.
Of course, this additional level of coverage comes at a higher cost, though the exact amount will vary depending on your policy details. The best way to see how choosing CRC would affect your premium is to get a quote. It’s easy to add or remove the CRC option during the quote process.
Making a home insurance claim
Need to make a claim? When you have a policy with us you can easily make a claim online or using the AAMI App, at a time that suits you! Just prepare the items in our handy Home Insurance Claims Checklist, and our quick and easy claims process will guide you, step by step.
- Are broken windows covered by home insurance?
- A guide to creating your first home inventory
- Are outdoor living areas covered by home insurance?
Insurance issued by AAI Limited ABN 48 005 297 807 trading as AAMI. Consider the Product Disclosure Statement before making a decision about this insurance. Target Market Determination also available. 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. Actions or movements of the sea and storm surge are not covered (unless the storm surge damage occurs at the same time as damage caused by storm). Other exclusions apply.