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Introducing the new AAMI Home Contents 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
  • What good condition of your building, unit or contents means
  • How your claims will be settled
  • Matching materials for contents
  • 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 Contents 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 for contents

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

ACCIDENTAL DAMAGE AT HOME

The optional cover ‘Accidental damage at the home’ provides cover your contents in the event of accidental loss or damage — for example a painting that accidentally fell off the wall.

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 for contents

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.

HOME CONTENTS - FLEXIBLE LIMITS

We have increased the limit for items in this category. You can choose to increase the flexible limit for an item for an extra premium. The item then becomes a specified content item and is shown on your Certificate of Insurance.

UNSPECIFIED VALUABLES COVER

The types of contents that are covered and not covered under this extra cover has been updated.

YOUR RESPONSIBILITIES

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 or unit is given an example of how you can take steps to prevent theft, loss, damage or legal liability.