If disaster hits, you want to know your home insurance has your back, and that it covers the full rebuild cost of your home. That’s why, for an extra premium, AAMI offers Complete Replacement Cover: an optional cover to our Home and Landlord Insurance policies that helps protect you from the risk of underinsurance.

How to avoid underinsurance

Underinsurance is common in Australia. Many homeowners don’t have a high enough sum insured to cover their home and contents if the worst happens.

If you’re worried you might be one of them, here are a few things you can do to make sure you have enough cover:

• Use AAMI’s Home Building and Contents Calculators to estimate the value of your home and contents
• Review your building and contents sum insured regularly, and if necessary, update your sum insured after renovations or big purchases.
• Create an inventory of your contents items and keep receipts or valuations for valuable items.

We make it easy for our customers to keep their policies up to date through the AAMI App. Use it to see your policies in one place, update your details, and make or manage any claims.

What Is Complete Replacement Cover?

Complete Replacement Cover is an optional cover that ditches the sum insured for your home rebuild and repair after an insured event. Most home insurance policies ask you to set a sum insure – a fixed amount that’s the maximum your insurer will pay if your home needs to be completely rebuilt. But what if building costs spike after a bushfire or storm? Or if your home has features that are more expensive to replace than you thought?

With Complete Replacement Cover, we’ll repair or rebuild your home on a ‘new for old basis’, without you having to set a specific sum insured, or pay you the assessed quote to do so. It’s a great way to avoid home underinsurance. Limits, conditions and exclusions apply, read the Product Disclosure Statement (PDS) for full information.

Complete Replacement Cover vs Sum Insured Cover

Sum Insured Cover is our standard cover where you choose the amount you want your home insured for. However, if that amount isn’t enough to cover the full rebuild, you could be left out of pocket and at risk of underinsurance.

Complete Replacement Cover helps avoid this risk by removing the guesswork. No need to monitor your sum insured or stress about updated building codes that could add tens of thousands to the rebuild bill. Complete Replacement Cover helps you stay covered, no matter the cost.

Get a quote

Maybe you’ve just bought your first home, or you’re crunching the numbers on insurance and you’ve used our Home Building Calculator to estimate rebuild costs. No matter your situation, optional Complete Replacement Cover (available for an extra premium) might be worth considering. Simply select the AAMI Complete Replacement Cover optional cover when choosing a sum insured amount when you get an AAMI Home or Landlord Insurance quote.