Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.

Introducing the new AAMI Home Building Insurance Product Disclosure Statement (PDS) for policies renewing on or after 15 December 2020. The PDS is an important legal document that contains details of the product you purchase so you need to read it carefully.

Here at AAMI we want to provide clarity and certainty in your time of need. We’ve changed the layout of the PDS to help make it easier to understand. And we have also made other changes to the policy – we have added and changed cover and we have added and changed exclusions and conditions.

Below are some examples of things we have changed:

  • Your responsibilities
  • When you need to contact us about changes
  • What good condition of your home means
  • How your claims will be settled
  • Matching materials for building
  • Temporary accommodation
  • Excess (when and how to pay)
  • Excess (when an excess will be waived)
  • Joint policyholders
  • Conduct of others (new section in your PDS)
  • Things we don’t cover

For full details, please refer to your PDS.

The purpose of this page is to advise you of the various changes that we have made to our AAMI Home Building Insurance Product Disclosure Statement (PDS).

CHANGES TO CLAIMS SECTION

Changes have been made to the Claims section including, introducing or changing:

  • Your responsibilities
  • How we settle building claims
  • Matching materials

The information above is not a complete list of the changes to your Home Building Insurance. For full details of what is and isn’t covered, please read the AAMI Home Building Insurance Product Disclosure Statement (PDS). Consider the Product Disclosure Statement before making a decision about this insurance.

EXCESS-FREE GLASS COVER

This optional cover will apply in addition to the ‘Accidental breakage of glass’ additional cover. Add Excess-Free Glass cover to cover accidental breakage of fixed glass in windows, doors, skylights, shower screens, and mirrors fixed to your home as well as other glass fixed to your home. We cover the cost to replace that glass without you having to pay an excess.

AAMI HOME ASSIST

The optional cover AAMI Home Assist is an emergency assistance service that provides you with selected trade services in the event of a home emergency. It is not a general maintenance or preventative service (for example, it doesn’t cover painting, and replacing light bulbs or tap washers) or a disaster response service.

ACCIDENTAL DAMAGE AT HOME

The optional cover ‘Accidental damage at the home’ provides cover for your home in the event of accidental loss or damage — for example, breaking or damaging something.

GOOD CONDITION

A targeted general exclusion for loss, damage or liability from any part of the building, unit or contents ‘not being in good condition’ has been added. This is designed to promote transparency. The exclusion utilises examples listed in the definition of ‘good condition’ in the previous version of the PDS (and the definition of ‘good condition’ has been removed). The first example in the general exclusion has been updated to ‘the roof leaks when it rains’ and a fresh example ‘the building (including all sheds, outbuildings and any other structural improvement at the insured address) is not structurally sound or is unsafe to live in’ has been added.
We have inserted further reference to fences and walls to align with other parts of the PDS.
The general exclusion ‘failing to take care of the building or contents’ has been removed.

CHANGES TO CLAIMS SECTION

Changes have been made to the Claims section including, introducing or changing:

  • Your responsibilities
  • How we settle building claims
  • Matching materials

SUMMARY OF COVER TABLE

New ‘Summary of cover’ table including covers, additional covers and optional covers to assist you with navigating the new format.

NEW EXCLUSION - WHEN OTHER PEOPLE ARE LIVING IN THE BUILDING

(Tenants, paying guests, boarders)

We will not cover any loss, damage or liability caused by, connected with or arising from a tenant, paying guest or boarder. This change is relevant to you if you rent out a room in your house or unit. We also will not cover your legal liability for injury to or death of tenant or paying guest who is staying short term, or for holiday purposes or as part of a house sharing arrangement (for example, Airbnb or Stayz guests).

CHANGE WHEN THERE ARE JOINT POLICYHOLDERS

During the period of insurance, we might ask all joint policyholders first before we action a request or direction in relation to your policy (e.g. before we cancel your policy, reduce your cover or remove another policyholder). This way we can help protect the interests of all policyholders.

NEW SECTION - CONDUCT OF OTHERS

When we consider a claim, we will have regard to prejudice you have suffered due to conduct of others and may meet the claim when we are not legally required to do so.

CANCELLATION FEE - REMOVED

If you decide to cancel your insurance cover with AAMI, you will no longer be charged a cancellation fee.

COMPLETE REPLACEMENT COVER - CHANGE TO HOW WE SETTLE CLAIMS

Our best protection against under insurance. If your building is damaged or destroyed by an insured event, we will offer to repair, rebuild your house as it was, or pay you the amount of the assessed quote to repair or rebuild it.

YOUR RESPONSIBILITIES

GOOD CONDITION

A targeted general exclusion for loss, damage or liability from any part of the building, unit or contents ‘not being in good condition’ has been added. This is designed to promote transparency. The exclusion utilises examples listed in the definition of ‘good condition’ in the previous version of the PDS (and the definition of ‘good condition’ has been removed). The first example in the general exclusion has been updated to ‘the roof leaks when it rains’ and a fresh example ‘the building (including all sheds, outbuildings and any other structural improvement at the insured address) is not structurally sound or is unsafe to live in’ has been added.
We have inserted further reference to fences and walls to align with other parts of the PDS.
The general exclusion ‘failing to take care of the building or contents’ has been removed.

To boost transparency, the reference to ‘take all reasonable care’ has been replaced with ‘take steps’. Ensuring there are working smoke detectors in the building is given an example of how you can take steps to prevent theft, loss, damage or legal liability.

The obligation to keep the building compliant with building regulations has been changed to apply ‘when construction alterations or repairs are undertaken’. An example has been inserted for transparency. See ‘Good condition’ for more detail.

TEMPORARY ACCOMMODATION - CHANGE

The definition of ‘liveable condition’ has been removed and replaced with ‘cannot be lived in’.