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Suncorp Insurance building insurance: what each policy covers, and who underwrites it

3 building policies from Suncorp Insurance. 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: suncorp.com.au/insurance/
What it is: Brand
Listed on: Houses and rental properties, Apartment and unit buildings (strata)
Underwriter: AAI Limited
APRA: Authorised by APRA to write new general insurance (listed as AAI Limited)

Building policies

Suncorp Home & Contents Insurance (home cover)

Type: Home building · Residential
Sold: Direct
Levels of cover: Classic, Classic Extras, Classic Advantages
Building valued as: Sum insured + 25%
Flood: Included
Accidental damage: Optional extra
Left empty: Extra $1,000 excess after 60 days. Occupied means furnished to live in, someone eating, sleeping and living there, and utilities connected; you may be asked to prove it.
Who it is for: Owner-occupiers using the home as their principal residence or holiday home (free-standing homes, townhouses, terraces, duplexes/triplexes); not landlords or strata/body corporate buildings.
Documents: Home & Contents Insurance Product Disclosure Statement (31 January 2025) · Key Facts Sheet - Home Building (31 January 2025) · Home and Contents Insurance Target Market Determination · Supplementary Product Disclosure Statement (accidental damage) (23 June 2026) · Home & Contents Insurance Additional Information Guide (3 October 2026)

Home cover is sold inside the Home & Contents PDS; you can choose home cover, contents cover or both.
Safety net home protection pays up to a further 25% of the home sum insured (30% on Classic Advantages) when repair or rebuild cost exceeds the sum insured. It is optional on Classic and automatically included on Classic Extras and Classic Advantages.
Accidental damage at home is optional on Classic and automatically included on Classic Extras and Classic Advantages.
Flood is listed as a standard insured event with no option in the PDS to remove it.

The policy

“This policy provides cover for loss or damage to the home and contents.”

Source: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/home/suncorp-home-and-contents-pds-12314-24-05-25-a.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: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/home/suncorp-home-and-contents-tmd-31499-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.

How the building is valued

“If the cost to repair or rebuild loss or damage to your home covered by your policy exceeds the home sum insured, we’ll pay up to a further percentage of the home sum insured towards either:”

Flood

“Flood We cover Loss or damage caused by flood.”

Accidental damage

“This cover is optional for the Classic level of cover and automatically included in the Classic Extras and Classic Advantages levels of cover.”

Left empty

“This excess applies in addition to any other excess if at the time of the incident covered by your policy, the home or unit hasn’t been occupied for more than 60 continuous days.”

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 home or unit hasn’t been occupied for more than 60 continuous days”

Source: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/home/suncorp-home-contents-aig-17245-03-10-26-a-lr.pdf · Confirmed on the insurer's page on 13 November 2026.

Who it is for

“are owner occupiers using the home as their principal place of residence primarily for domestic purposes or as a holiday home including:”

Suncorp Landlord Insurance (property cover)

Type: Landlord · Residential
Sold: Direct
Building valued as: Sum insured, + 25% option
Flood: Included
Accidental damage: Optional extra
Left empty: Extra $1,000 excess after 60 days. Occupied means furnished to live in, someone eating, sleeping and living there, and utilities connected; you may be asked to prove it.
Who it is for: Landlords who own an investment property rented to tenants as their permanent residence; not strata/body corporate buildings.
Documents: Landlord Insurance Product Disclosure Statement (31 January 2025) · Landlord Insurance Target Market Determination · Landlord Insurance Supplementary Product Disclosure Statement (23 June 2026) · Landlord Insurance Additional Information Guide (3 October 2026)

Safety net protection (up to a further 25% of the property sum insured) is listed under 'Optional cover you can pay extra for' in the landlord PDS.
Accidental damage at the property is an optional cover for an extra premium.

The policy

“This policy provides cover for loss or damage to the property and contents when you’re a landlord and lease the property to tenants.”

Source: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/landlord/suncorp-landlord-ins-pds-12315-24-05-25-a.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: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/landlord/suncorp-landlord-tmd-31501-24-05-25-a.pdf · Confirmed on the insurer's page on 13 November 2026.

How the building is valued

“Optional cover (These are covers that you pay extra for) 10 Page Motor burnout 76 Accidental damage at the property 78 Safety net protection (property cover only) 81”

Flood

“Flood We cover Loss or damage caused by flood.”

Accidental damage

“Optional cover (These are covers that you pay extra for) 10 Page Motor burnout 76 Accidental damage at the property 78 Safety net protection (property cover only) 81”

Left empty

“This excess applies in addition to any other excess if at the time of the incident covered by your policy, the property or unit hasn’t been occupied for more than 60 continuous days.”

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 property or unit hasn’t been occupied for more than 60 continuous days”

Source: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/landlord/suncorp-landlord-aig-17360-03-10-26-a-lr.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:”

Suncorp Insurance Strata Insurance

Type: Residential strata · Residential
Sold: Direct
Flood: Included
Accidental damage: Included
Left empty: Extra $1,000 excess after 60 days. You must tell the insurer. Applies only when 50% or more of the lots have not been occupied for more than 60 continuous days.
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 (31 January 2025) · 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).

The policy

“Strata Insurance covers residential buildings within a complex and common areas such as garages, sealed driveways, and fixed swimming pools.”

Source: suncorp.com.au/insurance/home/strata.html · Confirmed on the insurer's page on 13 November 2026.

How it is sold

“Call 13 11 55 for a quote”

Source: suncorp.com.au/insurance/home/strata.html · 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: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/strata/suncorp-strata-pds-27877-24-05-25-a.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.”

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.”

Left empty: the extra excess

“The unoccupied excess is $1,000”

Source: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/strata/suncorp-strata-aig-28052-24-05-25-a.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: suncorp.com.au/content/dam/suncorp/insurance/suncorp-insurance/documents/home-and-contents/strata/suncorp-strata-insurance-tmd-31503-25-06-25-a.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 230859, trading as Suncorp Insurance”

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.