AAMI Landlord Insurance
Landlord insurance caters to the needs of landlords, providing a home insurance product specifically designed to provide property owners with protection against the financial loss that may result from owning a rental property.
Compare AAMI landlord insurance
The table below displays a snapshot of AAMI’s landlord insurance policies on Canstar’s database. Please note the product(s) and Star Ratings displayed are based on a house in New South Wales.
What landlord insurance policies does AAMI offer?
AAMI currently offers three landlord insurance policies: building insurance with optional contents cover, standalone contents insurance, and strata insurance.
The landlord building insurance policy with added contents cover covers several key risks in order to ensure peace of mind for both tenants and landlords, including:
- Cover for loss of rent – both for inhabitability after an insured event, and if your tenant defaults on their payment or dies (available as an optional extra)
- Cover for damage caused by natural disasters
- Accidental glass breakage
- Legal liability – for damage to third parties occurring on your property.
- Contents including furniture and furnishings (available as an optional extra)
Exclusions may apply when it comes to making a landlord insurance claim. Some common exclusions include:
- Gradual deterioration, neglect, lack of maintenance, structural failure or general wear and tear
- Pre-existing damage
- Any costs associated with the cleaning up or removal of asbestos
- Vermin or insects
- Invasion or war
- Any damage done during repairs or alterations being carried out on the house where the estimated value of said repairs is over $100,000
For a detailed look at what may not be covered under an AAMI landlord insurance policy, see AAMI’s Product Disclosure Statement (PDS).
AAMI’s landlord building insurance policy with added contents cover may protect you from a loss of rental income due to a variety of factors, including:
- Damage to the rental property which makes it uninhabitable
- Your tenant defaulting on their rent (available as an optional extra)
The most AAMI will pay for loss of rental income is:
- $25,000 for up to 52 weeks under a landlord building cover policy if the property is deemed uninhabitable
- $6,000 for up to 15 weeks in the case of tenant default
Exclusions may apply when making a claim for a loss of rental income. For example, AAMI does not cover you for loss of rent in cases where:
- You do not intend to replace the damaged building in question
- If you did not have a tenant at the time the damage occurred
- You did not have a formal rental agreement in place
For a detailed look at the various exclusions and what can cause them, see AAMI’s PDS.
See this article for a quick guide to what landlord insurance is and what it may cover you for.
AAMI’s landlord building insurance policy with added contents cover may provide you with cover should damage be caused to your rental property by tenants or their guests.
Cover for damage caused by your tenant and/or their guests is not provided by default, but is available as an optional extra called ‘Tenant Protection’.
AAMI’s landlord building insurance policy with added contents cover provides cover for the following:
- Damaged caused to any buildings, sheds, garages or fences within the property line
- Damage caused by natural disasters such as fires, floods, and storms
- Damage caused by riots or civil commotions
- Damage caused by accidental glass breakage
See the PDS for information on any possible exclusions.
Landlord insurance can also protect property owners against damage to the contents they own in their investment home.
AAMI’s landlord building insurance policy with added contents cover offers cover for contents in the following instances:
- Insured events such as flood, explosion, and fire
- Theft and/or burglary
- Accidental glass breakage
- Escape of liquid
While AAMI’s landlord building insurance policy with added contents cover is the most common option for landlords and has contents cover included, AAMI also offers building cover and contents cover as separate policies. For more information about the different policies, look at the AAMI website.
See the PDS for more information on possible exclusions.
In insurance terms, a ‘defined event’ (also known as a ‘listed event’) on a policy is a damage-causing event which you’re insured for under that policy.
Under AAMI’s landlord building insurance policy with added contents cover, you will generally be covered for the following defined events:
- Lightning or thunderbolt
- A falling tree or branch
- A riot or civil commotion
- Malicious damage
To see a list of exclusions that may apply, see the PDS.
Flood damage can be treated as different to storm damage by certain insurers, and as a result you may not be automatically covered for it.
AAMI’s landlord building insurance policy with added contents cover does offer cover for flood damage, however please consult the PDS for information about exclusions and conditions that may apply.
Landlord insurance policies may also offer additional benefits to suit your unique needs as a landlord for an extra fee.
Some of the additional benefits you may be able to add to your AAMI landlord building insurance policy with added contents cover include:
- Tenant Protection, to provide cover against rent default and malicious damage caused by tenants and/or their guest
- Complete Replacement Cover, which helps you avoid the risk of under-insurance
Yes, AAMI also offers home insurance as well as landlord insurance.
By signing up for a combined home and contents owner-occupier insurance policy with AAMI, you may be eligible to receive a multi-policy discount of up to 10% on your premium.
See the difference between home and landlord insurance here.
The table below displays a snapshot of AAMI’s home and contents insurance policies on Canstar’s database. The Star Ratings are based on a policy holder under 50 years old in New South Wales and ACT for building & contents worth less than $550,000.
You can purchase an AAMI landlord insurance policy by comparing your options with Canstar and generating a quote on the AAMI website. They will ask you some general questions about your personal details, the cover you require, the details of the building, and any optional extras you might be after.
This process shouldn’t take longer than 10 minutes.
Founded in 1969, AAMI is one of Australia’s oldest and largest insurance providers. AAMI is the trusted insurer of around 800,000 Australian homes.
At its founding, AAMI pledged to provide a real person to answer every quote or claims phone call, and it still does today. Its customer service team is available 24/7 with no push-button menus or voice recordings. AAMI proudly advertises that it regularly receives customer satisfaction ratings of 90% for its call centre, with 80% of claims customers saying they’d recommend AAMI to their friends and family.