AAMI building insurance: what each policy covers, and who underwrites it
4 building policies from AAMI. For each: how the building is valued, whether flood and accidental damage are covered, and what happens once the building is left empty, with the sentence from its own documents. Underwritten by AAI Limited.
- Website
- aami.com.au/
- What it is
- Brand
- Listed on
- Houses and rental properties, Apartment and unit buildings (strata), Business premises and property owners
- Underwriter
- AAI Limited
- APRA
- Authorised by APRA to write new general insurance (listed as AAI Limited)
Building policies
AAMI Home Building Insurance
- Type
- Home building · Residential
- Sold
- Direct
- Building valued as
- Choice of basis
- Flood
- Included, can be removed
- Accidental damage
- Optional extra
- Left empty
- Extra $1,000 excess after 60 days. Occupied means furnished, someone eating and sleeping there, and utilities connected. AAMI may ask for proof such as utility bills.
- Who it is for
- Owner-occupiers (principal residence or holiday home) of free-standing homes, townhouses, terraces, duplexes and triplexes; not landlords or strata/body corporate buildings.
- Documents
- Home Building Insurance Product Disclosure Statement (4 October 2024) · Key Facts Sheet - Home Building (4 October 2024) · Building and Contents Insurance Target Market Determination (27 June 2025) · Home Building Insurance Additional Information Guide
- Flood cover is included but can be removed; the certificate of insurance shows if it has been removed.
- Complete Replacement Cover is an optional extra that replaces the building sum insured with the assessed cost to repair or rebuild; it can only be added or removed at purchase, renewal or when the insured address changes.
- Accidental damage at home is an optional cover for an additional premium.
The policy
“This policy provides cover for loss or damage to your home (the building).”
Source: aami.com.au/assets/documents/aami/home/aami-home-building-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“distribution of this Product must be conducted through our policy administration system through the following distribution channels: – websites; – contact centres;”
Source: aami.com.au/assets/documents/aami/home/tmd-aami-building-contents-insurance.pdf · Confirmed on the insurer's page on 13 November 2026.
How the building is valued
“Under this policy you set the maximum level of cover and your payout is limited to that amount (Sum insured) or you can select to purchase the optional cover that covers all the reasonable costs to rebuild your home (Total replacement).”
Source: aami.com.au/assets/documents/aami/home/aami-home-building-insurance-kfs.pdf · Confirmed on the insurer's page on 13 November 2026.
Flood
“loss or damage caused by flood if you have removed flood cover.”
Source: aami.com.au/assets/documents/aami/home/aami-home-building-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Accidental damage
“For an extra premium cover can be purchased to cover Accidental Damage at home.”
Source: aami.com.au/assets/documents/aami/home/aami-home-building-insurance-kfs.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“This excess applies in addition to any other excess if at the time of the incident covered by your policy, the building hasn’t been occupied for more than 60 continuous days.”
Source: aami.com.au/assets/documents/aami/home/aami-home-building-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty: the extra excess
“In addition to any other excesses applicable, an unoccupied excess of $1,000 will apply if at the time of the incident covered by your policy the building hasn’t been occupied for more than 60 continuous days”
Source: aami.com.au/assets/documents/aami/home/aami-home-building-aig.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“own and live in their buildings that are used in the following ways:”
Source: aami.com.au/assets/documents/aami/home/tmd-aami-building-contents-insurance.pdf · Confirmed on the insurer's page on 13 November 2026.
AAMI Landlord Insurance (property cover)
- Type
- Landlord · Residential
- Sold
- Direct
- Building valued as
- Choice of basis
- Flood
- Included, can be removed
- Accidental damage
- Not stated
- Left empty
- Extra $1,000 excess after 60 days. Occupied means furnished, someone eating and sleeping there, and utilities connected, so a vacancy between tenants counts.
- Who it is for
- Landlords who own an investment property with a tenant under a rental agreement; not strata/body corporate buildings.
- Documents
- Landlord Insurance Product Disclosure Statement (4 October 2024) · Landlord Insurance Target Market Determination (27 June 2025) · Landlord Insurance Additional Information Guide
- Complete Replacement Cover is an optional alternative to a building sum insured (PDS: 'Complete Replacement Cover option').
- Tenant Protection is an optional cover.
- The PDS lists accidental breakage of glass as a cover but the landlord PDS does not offer an accidental damage cover for the building; accidental damage left null because no clear statement was found.
The policy
“This policy provides cover for loss or damage to the building and landlord contents when you’re a landlord and lease the property to tenants.”
Source: aami.com.au/assets/documents/aami/home/aami-landlord-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“distribution of this Product must be conducted through our policy administration system through the following distribution channels: – websites; – contact centres;”
Source: aami.com.au/assets/documents/aami/home/tmd-aami-landlord-insurance.pdf · Confirmed on the insurer's page on 13 November 2026.
How the building is valued
“AAMI offers cover on a sum insured basis or you may be able to choose the option of Complete Replacement Cover ® for the building”
Source: aami.com.au/assets/documents/aami/home/aami-landlord-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Flood
“loss or damage caused by flood if you have removed flood cover.”
Source: aami.com.au/assets/documents/aami/home/aami-landlord-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“This excess applies in addition to any other excess if at the time of the incident covered by your policy, the building hasn’t been occupied for more than 60 continuous days.”
Source: aami.com.au/assets/documents/aami/home/aami-landlord-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty: the extra excess
“In addition to any other excesses applicable, an unoccupied excess of $1,000 will apply if at the time of the incident covered by your policy the building or unit hasn’t been occupied for more than 60 continuous days”
Source: aami.com.au/assets/documents/aami/home/aami-landlord-aig.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“own an investment property and require cover for the building that is used as:”
Source: aami.com.au/assets/documents/aami/home/tmd-aami-landlord-insurance.pdf · Confirmed on the insurer's page on 13 November 2026.
AAMI Business Insurance (Policy Section 1 - Property damage)
- Type
- Business property · Commercial
- Sold
- Direct
- Flood
- Included
- Accidental damage
- Optional extra
- Left empty
- No cover after 60 days. You must tell the insurer. Counts when unoccupied, or untenanted if you own the building. Unless AAMI agreed in writing (may add premium, conditions or a higher excess).
- Who it is for
- Australian-based businesses with turnover under $10m a year that have buildings, contents or stock at the premises.
- Documents
- Business Insurance Policy PDS and Policy Wording (A03630) (26 August 2024) · Flood Supplementary PDS (7 December 2023) · Target Market Determination (25 June 2025)
- Property damage is one policy section of the AAMI Business Insurance policy; buildings are covered only if you own them and the section is shown on your schedule.
- Flood, bushfire and grass fire are not covered in the first 72 hours of a new policy or when property damage cover is added.
- Accidental damage is an insured event only where the schedule shows it was chosen, and is limited to $250,000 or the total insured amounts, whichever is less.
- A building used principally as a residence is treated as a home building and falls under a retail TMD.
The policy
“Get cover for your commercial property, contents, and stock against accidental damage and loss or damage from insured events like storm*, fire* and explosions.”
Source: aami.com.au/business-insurance/commercial-property.html · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“distribution of this product must be conducted through our policy administration system through the following distribution channels: websites; and contact centres;”
Source: aami.com.au/assets/documents/aami/business/a03794-25-06-25-b-aami-business-insurance-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
Flood
“The following additional Insured Event is added under the heading ‘Insured Events’ in this Policy Section: 12. FLOOD What we cover LOSS or DAMAGE caused by FLOOD”
Source: aami.com.au/assets/documents/aami/business/a03822-071223-a-aami-business-insurance-flood-spds.pdf · Confirmed on the insurer's page on 13 November 2026.
Accidental damage
“Where your policy schedule shows that you have chosen to insure for ‘Accidental Damage’”
Source: aami.com.au/assets/documents/aami/business/aami-business-ins-pds-a03630-260824-b.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“You are not insured while the building is unoccupied for a period of 60 days or more, unless we agree to insure you.”
Source: aami.com.au/assets/documents/aami/business/aami-business-ins-pds-a03630-260824-b.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“Customers who operate an Australian-based business on an ongoing basis and have a turnover less than $10m a year;”
Source: aami.com.au/assets/documents/aami/business/a03794-25-06-25-b-aami-business-insurance-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.
AAMI Strata Insurance
- Type
- Residential strata · Residential
- Sold
- Direct
- Flood
- Included
- Accidental damage
- Included
- Left empty
- Extra $1,000 excess after 60 days. Applies only when 50% or more of the lots have not been occupied (furnished, lived in, utilities on).
- Who it is for
- Body corporates, owners corporations and strata companies (or an owner of a whole multi-dwelling residential building) wanting building and common property cover for small residential strata buildings.
- Documents
- Strata Insurance Product Disclosure Statement (15 October 2024) · Strata Insurance Target Market Determination (25 June 2025) · Strata Insurance Additional Information Guide
- Cover is for the strata building and common property, arranged by the body corporate, owners corporation or strata manager; it is not for individual unit owners' contents.
- Strata cover for flood, storm, storm surge and tsunami does not start until 72 hours after the policy begins (very limited exceptions).
- We don’t offer cover for buildings with more than ten units or separate dwellings, or buildings with more than three storeys or levels.
The policy
“Comprehensive cover for strata titled buildings (including common property)”
Source: aami.com.au/home-insurance/strata · Confirmed on the insurer's page on 13 November 2026.
How it is sold
“Call us for a quote”
Source: aami.com.au/home-insurance/strata · Confirmed on the insurer's page on 13 November 2026.
Flood
“the insured incidents listed in this policy like storms, floods, and fires (including bushfire)”
Source: aami.com.au/assets/documents/aami/home/aami-strata-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Accidental damage
“accidental damage not caused by or arising from any of the insured incidents listed in this policy.”
Source: aami.com.au/assets/documents/aami/home/aami-strata-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty
“If at the time of the incident covered by your policy, 50% or more of the lots at the strata building at the insured address haven’t been occupied for a period of more than 60 continuous days.”
Source: aami.com.au/assets/documents/aami/home/aami-strata-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
Left empty: the extra excess
“The unoccupied excess is $1,000”
Source: aami.com.au/assets/documents/aami/home/aami-strata-insurance-aig.pdf · Confirmed on the insurer's page on 13 November 2026.
Who it is for
“Cover for loss or damage to an entire residential building that has multiple dwellings where it is for a body corporate, owners corporation, strata company or where there is no strata title entity, provided the owner owns the entire property”
Source: aami.com.au/assets/documents/aami/home/tmd-aami-strata-insurance.pdf · Confirmed on the insurer's page on 13 November 2026.
Who underwrites and sells it
Underwriter
“This insurance is issued by AAI Limited ABN 48 005 297 807 AFSL No. 230859 trading as AAMI”
Source: aami.com.au/assets/documents/aami/home/aami-home-building-insurance-pds.pdf · Confirmed on the insurer's page on 13 November 2026.
AAI Limited: licence
- AFS licence
- 230859 · AAI LIMITED
- ABN
- 48005297807
- Licensed since
- 8 November 2003
- Principal business
- Brisbane QLD 4000
- General insurance
- Licensed to deal in general insurance products
From ASIC's AFS Licensee dataset, release of 11 November 2026, Creative Commons Attribution 3.0 Australia.
Deep Almanac is a secondary source and this page is provided for general information and reference. It is not financial, investment, legal, valuation, educational or other professional advice, and it is not a substitute for checking the original source. What each policy covers and who underwrites it are read from each insurer's own documents by hand and re-checked daily, so a change can take a day to appear, and the policy wording you are issued is what applies to you. You are responsible for any decision you or your software makes in reliance on this page. See our terms of use.