Why it's worth investing in AAMI Contents Insurance

By AAMI 03 March 2025

Ever wondered what would happen if your living room furniture was destroyed in a fire? Or if your laptop was stolen? That’s where your insurance comes in. AAMI Contents Insurance can help cover the costs associated with repairing or replacing your contents, allowing you to pick up right where you left off.

Why do I need contents insurance?

Many Aussies think they don't need home insurance because they rent or live in an apartment, but that's a common misunderstanding. The apartment building might be covered for loss or damage by someone else’s landlord or strata insurance, but that doesn’t cover your belongings inside it.

Contents insurance is for everyone, regardless of whether you're renting a studio apartment in Sydney, share a house in Perth, or own your own unit in Brisbane. Without contents insurance, you're risking everything that makes your place feel like home, like your:

décor and works of art,
television,
furniture,
clothes,
sports equipment,
unfixed kitchen appliances, and
the food in your fridge and cupboards.

Think about it: could you afford to replace everything you own if disaster struck tomorrow? For most Australians, the answer is no.

Contents Insurance explained

Contents insurance covers more than you might think

You might know that contents insurance covers your belongings affected by events like fire, theft, floods and storms, but there are a few things that might surprise you about AAMI Contents Insurance.

New for old replacement of contents

With AAMI Contents Insurance, we offer 'new for old' replacement. This means if something of yours can't be repaired, we'll replace it with a brand-new equivalent — not just compensate you for what it's worth now.

For example, if your leather couch that cost $5,000 five years ago (but is only worth $2,000 today) gets damaged beyond repair by an insured event, we won't give you $2,000. Instead, we'll replace it with a new couch that’s similar to what yours was like when you first bought it.

Cover for legal liability and physical injury

With contents insurance, we cover your legal liability if someone is injured in your home. This might cover:

loss or damage to someone else's property,
your legal costs, and/or
any potential compensation.

Motor burnout

When was the last time you thought about the motors in your air conditioner, fridge or washing machine? It’s worth remembering they can burn out or fuse unexpectedly.

If that happens to one of your electrical items — and the motor is less than seven years old — we can help cover the cost of repairs or a replacement.

Keep in mind that motor burnout is different to wear and tear (which we don’t cover).

Temporary accommodation and storage

If something goes wrong and you can't stay in your rental or strata-titled property, we have you covered.

While your home is being repaired, your AAMI Contents Insurance policy may help pay for:

temporary accommodation for you and your pets, and
storage for your undamaged belongings while you can’t store them at home.

Accidental glass breakage

We can't help with seven years of bad luck if you break a mirror, but we might be able to help with the replacement bill. Our contents insurance includes cover for removable mirrors and glass in furniture.

Bear in mind there are things we don’t cover under Accidental Glass Breakage (like vases or your mum’s crystal glass set). See the PDS for a full list of exclusions.

Optional covers

Accidental Damage at Home

Life happens, like when you spill wine on that expensive rug or drop a ring down the shower drain. With our Accidental Damage at Home cover, you can insure yourself against these everyday accidents for an extra premium.

Extra Cover Portable Valuables

At home, your valuables are protected, but we know sometimes those items need to travel with you. For an extra premium, Extra Cover Portable Valuables cover protects your essentials beyond your home's four walls, like your:

phone
wallet
jewellery, and
sunglasses.

AAMI’s Extra Cover Portable Valuables cover doesn’t just keep you protected in Australia, it also extends to New Zealand; and jewellery and watches are covered anywhere in the world for up to 30 consecutive days (while you’re wearing them or they’re kept in a secure safe).

There are two types of Extra Cover Portable Valuables cover:

Unspecified items: where we provide up to $1,000 coverage per item up to a sum insured that you choose (maximum $5,000).
Specified items: where you specify an amount you want the item to be covered for.

There are some items that must be specified, such as laptops, mobile phones and tablets. You can find more details in the PDS.

Cover yourself against life’s surprises

Lots of people put off getting contents insurance, thinking they'll never need it or their belongings aren't worth insuring. But losing your contents can be a real hit to your financial security.

Rest assured knowing your prized possessions can be covered for loss or damage with AAMI Contents Insurance.

Explore AAMI Contents Insurance

Actions or movements of the sea and storm surge are not covered (unless the storm surge occurs at the same time as damage caused by a storm). Other exclusions apply.

Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. Read the Product Disclosure Statement before buying this insurance. The Target Market Determination is 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.

The information is intended to be of general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon the information. Please make your own enquiries.