Aami Home Insurance Review
AAMI Home Insurance is a home insurance company that has an optional cooling-off period and different excesses. Its customers can choose between a lower excess on the building and a higher one on the contents. This flexibility allows customers to choose the most comfortable excess with their needs. AAI Limited issues AAMI Home Insurance. There is a 21-day cooling-off period for those who decide they want to change their mind.
Aami Home Insurance has a cooling-off period.
A cooling-off period is when you can cancel your Aami Home Insurance policy if you’re unhappy with it. Usually, this period is fourteen days, but it can be longer. In addition, some insurance policies automatically renew after the initial term, so you’ll want to cancel your policy before the renewal date.
When purchasing your AAMI home insurance, you can choose the excess level you’re comfortable with. The excess amount varies depending on what you want to cover in your policy, from $200 to $3,000 for the building and contents parts. The insurance provider will not charge you a higher amount than this.
It offers different excesses.
AAMI Home Insurance provides varying excesses from $200 to $3,000 for its home insurance policies. These are optional and allow customers to choose the excess they feel comfortable with. The company issues these policies through AAI Limited. In addition, AAMI Home Insurance offers a 21-day cooling-off period.
It has settled claims following the 2015 Wye River bushfires
Suncorp Group’s AAMI has settled claims following the 2015 Wye River Bushfires. The settlement follows concerns that AAMI was making misleading or false claims about their home insurance products. The insurance company has paid $43,200 in penalties to consumers who complained.
The insurer, part of Suncorp, received more than 60 claims, half of which were made under the AAMI brand. The company was accused of several lapses, including underquoting rebuilding costs and pressuring customers into accepting cash settlements. In November 2016, the company’s CEO drafted a letter to former Prime Minister Malcolm Turnbull but did not send it. In a later letter, the CEO admitted that he had sent policy renewal forms to customers who lost their homes in the bushfires. He also promised to refund the customers’ insurance premiums.
The company has also admitted to underquoting the cost of rebuilding. The company was also accused of pressuring people into accepting cash settlements hundreds of thousands of dollars below the cost of rebuilding. The inquiry into the incident heard that at least seven claims had still not been resolved by November 2016. In addition, three policyholders had received quotes significantly higher than AAMI’s cash settlements. For example, one customer was told it would cost $400k to replace his home, while an independent quote found it to be $700k.
It has paid $43,200 in penalties for false or misleading advertising.
Aami Home Insurance has been fined $43,200 by the Australian Securities and Investments Commission (ASIC) after allegedly making false or misleading advertising claims. The company’s ad campaign promoted its ‘Complete Replacement Cover’ home insurance product by saying that the company would repair or rebuild a property, regardless of the cost to the insurer. The company admitted the misleading claims but has since amended its disclosure documents and online advertising material.
AAMI was fined $43,200 after being found guilty of misleading advertising on its website and radio ads. The company’s ads promoted its Home Building Insurance “Complete Replacement” cover, in which the insurer would rebuild or repair a home for a policyholder, regardless of the cost. In reality, AAMI may choose to reimburse the policyholder for the cost of repairs.
The company has apologized and will revise its advertising and disclosure documents in response to the ASIC’s concerns. AAMI has also amended its advertising and claims processes to address the concerns raised by ASIC.