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Introducing the new AAMI Landlord 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.

Important change

Our Landlord Insurance will no longer provide any cover if your property is used for short stays, holiday rentals or house sharing. This includes if your property is available through Airbnb or Stayz. Do not renew your policy if your property is used for short stays, holiday rentals or house sharing, as you will not have any cover. If you pay by direct debit, you will need to call us to cancel the direct debit.

Below are some examples of things we have changed:

  • Your responsibilities
  • When you need to contact us about changes
  • What good condition of your building means
  • How your claims will be settled
  • Matching materials for building
  • Matching materials for contents
  • Loss of rent following an insured event
  • Loss of rent (Tenant Default)
  • 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 Landlord Insurance Product Disclosure Statement (PDS).

THINGS WE DON'T COVER

General Exclusions are now called ‘Things we don’t cover’

Things we don’t cover includes some new exclusions such as:

  • No cover if the property is not leased as a permanent residence/used for short-term rentals
  • Communicable disease

CHANGES TO CLAIMS SECTION

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

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

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

THINGS WE DON'T COVER

General Exclusions are now called ‘Things we don’t cover’

Things we don’t cover includes some new exclusions such as:

  • No cover if the property is not leased as a permanent residence/used for short-term rentals
  • Communicable disease

CHANGES TO CLAIMS SECTION

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

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

LOSS OF RENT FOLLOWING AN INSURED EVENT - CHANGE

AAMI has introduced a definition of ‘Cannot to be lived in’ and examples of what this might include.

NEW EXCLUSION - NOT A PERMANENT RESIDENCE/USED FOR SHORT TERM RENTALS

We will no longer provide cover if the building is used for short-term rental accommodation, holiday letting or house sharing. For example, NO cover will be provided if you rent your property through online platforms such as Airbnb or Stayz.

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.

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.

TEMPORARY ACCOMMODATION - CHANGE

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