‘Build your own’ home cover launched by Nationwide
Nationwide Building Society has launched a home insurance product that gives its members the ability to build their own home insurance.
The mutual undertook research with existing members, to find out what is most important to them when looking at home insurance, and over three-quarters (77%) said that only paying for the cover they needed was a primary factor.
The new cover replaces the mutual’s two existing home insurance policies (Home Essentials and the upgraded Home Insurance), and can be adapted to suit the homeowner’s needs. It’s available to those with a current or savings account with the society as well as mortgage borrowers.
The cover carries no fees for paying monthly or cancellation charges, and allows members to tailor cover levels so that they only pay for what they need.
It features unlimited buildings cover and £50,000 contents cover as standard, with the option to upgrade to unlimited contents.
Members can then choose from a menu of additional bolt-ons, including accidental damage, home emergency, garden cover, bike cover, cover away from home, legal cover and even cover to replace the whole of a matching set if one part is stolen or damaged.
The building society said it pledges to deal with claims more effectively, with many being settled during the first call and one in four within the first 24 hours.
And it will have an emergency support vehicle on standby for areas affected by floods and other natural occurrences.
Rob Angus, head of general insurance at Nationwide, said: “We understand many of our members live in all types of accommodation throughout their life stages, which is why we’re offering a simple product with the option to add further cover where members need it, and at the cost appropriate for them.”