Ways to save on Home Insurance
Are you getting the right deal for you?
Lucky you're with AAMI
Checking a few little things on your home insurance policy can help you ensure you’re not paying a dollar more than you should – because who wants to spend more than they need to?
How much should I be paying for home insurance?
Home insurance premiums can vary a lot depending on things like where you live and what sort of house you have. So, there’s no specific dollar figure to aim for. However, getting to know what your policy covers and what you have control over can help.
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Take control of your policy
A few things you can check
Sum insured
Your sum insured is the amount for which your house is covered – that is, the maximum amount we’ll pay out to repair or rebuild your home and/or its contents if you make a claim for an insured event. A higher sum insured will lead to a higher premium, so adjusting that can help you tailor your policy to your budget, but doing this could leave you underinsured. If you have Complete Replacement Cover under AAMI Home Building Insurance, there won't be a set sum-insured limit.
Excess
AAMI offers Flexi-Premiums®, which lets you select a higher excess if you ever need to make a claim and in return your premium will be lower. So you can save now by choosing a higher excess, with lower premium, or save later by choosing a lower excess with a higher premium. Simple, right?
Payment frequency
If you pay your premiums annually, you’ll pay less than if you pay monthly. You may not be able to adjust this until your next renewal, but it’s worth keeping in mind.
Update your details
It might be worth double-checking the property details that you popped in when you took out your policy. That’s stuff like building materials and room sizes, which can affect your premium. If there’s something that doesn’t seem 100% accurate, fixing that up might save you a few bucks.
Listed valuables
You may have listed some valuable items on your policy that you no longer own. Checking that any listed items and their values are accurate can help you ensure you’re not paying any more than you need to.
Your address
If you’ve moved, make sure your address is updated on your policy to ensure that you are insured. Your location can also affect your premium, based on that location’s level of risk, so your address being updated can result in your payments being adjusted. Fair warning; that adjustment can reduce your premium, or it may result in an increase. Either way, you’ll ensure you’re not at risk of having a claim denied or reduced.
AAMI home Insurance
Frequently asked questions
To make your life easier, you can make a number of changes to your home insurance policy online. Through your AAMI account, you can change the sum of contents you’re insured for, update the sum of your insured building, update the unspecified portable items included in your cover, and more.
Simply log in, click on the ‘My policy list’ link, and select the relevant policy you want to update. From the ‘Update my policy’ tab, you’ll find several options for making changes. Unfortunately, some things can’t be altered online, including changing your cover type (for example, from Property Owner to Landlord), and changing the specified portables listed on your cover. For these things please contact us - we’ll be happy to help you out.
Thanks for continuing to choose AAMI for your home insurance needs! We’ve made it super easy to renew online, using your AAMI account. Simply log in, click on ‘My policy list’ and choose the policy you want to renew, and select the ‘Renew now’ button.
Yes! There are a number of convenient options for renewing your home insurance online, including with your Visa, Mastercard, or American Express card, or via BPAY.
We’re sorry you’re thinking of cancelling. For policy cancellations or to discuss your situation further, please call us on 13 22 44.
You have 21 days from when your policy begins (including on renewal) to change your mind. If you choose to return your policy within this period and haven’t made a claim, you can get a full refund (including GST).
Outside of the 21 day cooling off period, can cancel your policy at any time and receive a refund of the unexpired portion of the premium (including GST), less any non-refundable government charges. We will not give a refund if the refund is less than $10 (GST inclusive).
Important Information
Insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) trading as AAMI. Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.