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I am with AAMI as well.  My insurance went from $1,313.85 to $1,687.28 (28.4%) so looks like I got out of it cheaply.

While I am not in a flood zone being on top of a rise and 5km from any water source, insurers apply the Bushfire Attack Level developed by the CSIRO a few years ago and I am probably impacted by that.  Insurers have the ability to geolocate your property.

[URL unfurl="true"]https://www.aami.com.au/home-insurance/bushfire-prevention.html[/URL]

in addition, here is AAMI's supposed breakdown of costs for a premium.  If the re-insurers increase their premiums, it will be passed on to consumers so there is that to consider.

[URL unfurl="true"]https://www.aami.com.au/where-do-premiums-go/home.html#location[/URL]

Make sure you do not under-insure otherwise you could be financially screwed.  Insurance is an agreed risk* sharing contract.  In simple terms if you insure for $200k and it costs $400k to rebuild, you have agreed to take on 50% of the risk so it is possible you may end up with only $100k.

* https://www.bdo.com.au/en-au/accounting-news/accounting-news-march-2021/insurance-contract

* https://www.mcgqs.com.au/replacement-cost-estimates/

I went with this option from AAMI many years ago.

[URL unfurl="true"]https://www.aami.com.au/home-insurance/complete-replacement-cover.html[/URL]