The ‘building sum insured’ is the most we will pay to repair or rebuild loss or damage to your home caused by an insured event. The building sum insured amount is for the home/building, including structural improvements such as garages, domestic outbuildings, pergolas, fences, in-ground swimming pools, concrete paths, and paving.
It’s vital that the building sum insured is accurate to help avoid being over-insured (and paying more for your home coverage) or under-insured (and risk not having enough cover). Consider if your sum insured meets your needs in the event the building is damaged or destroyed.
Or, if you have the Complete Replacement Cover option on your AAMI Home Building Insurance, you won’t have to set a building sum insured – it’s our best underinsurance protection. That is, if your home needs to be repaired or rebuilt due to an insured event, we’ll help cover insured loss or damage to the building up to the amount of the assessed quote to repair or rebuild on a ‘new for old’ basis. Read the PDS for full details.
You can learn more, including about this optional coverage and when it can be added to your policy, and full details on limits, conditions and exclusions in the Product Disclosure Statement.
Use our Building and Contents calculators to help you calculate the replacement value of your home and contents.
Home Building & Contents Insurance Calculators