With AAMI’s home insurance policies, you can choose to cover your home for a ‘sum insured’ amount (which is an amount based on how much it would cost to rebuild your home) or to add on Complete Replacement Cover as an optional cover. You can choose to add Complete Replacement Cover to your policy when you take it out or renew it.
Opting for Complete Replacement Cover means you don’t have to set a sum insured limit, so if your house is damaged or destroyed by an insured we will offer to repair or rebuild your house as it was, or pay you the amount of the assessed quote to repair or rebuild it. It’s important to note that Complete Replacement Cover includes the insured building only and not your contents. To ensure your belongings are covered, make sure you review your contents policy regularly and update it with any new purchases that aren’t automatically covered to their replacement value. For details on specified and unspecified limits, consult your PDS.