The Nationwide Building Society has introduced a flexible home insurance product, designed to give members the ability to pick and mix their level of cover and pledges to deal with claims more effectively.
It replaces its existing two-tier offering (Home Essentials and the upgraded Home Insurance). The product, which carries no fees or charges, allows members to tailor cover levels and type to their individual requirements so that they only pay for what they need.
The new product, which will be available to Nationwide members who hold a main current account, savings account or mortgage product. will offer:
- No additional charges for paying monthly versus annually and no cancellation or policy change fees
- Unlimited buildings cover
- Standard £50,000 contents cover, with unlimited upgrade option. Customers also automatically get an increase in cover by 10% during birthdays, Christmas and weddings
- “Quicker claims settlement”
- Dedicated claims handlers for complex claims
It also has an option to ‘bolt on’ additional cover:
- Accidental damage cover – covers accidents such as spilt paint on carpets, drilling through pipes, damaged electrical good
- Garden cover – cover up to £5,000. Protection if garden furniture or equipment is stolen or damaged – i.e. following a storm
- Bike cover – choice of all cycles individually valued up to £1,000 and/or specifying bikes over £1,000 with no maximum limit
- Out and About – cover up to £15,000 for damage to goods such as laptops and tablets away from the home. Covers loss and theft as well as damage
- Matching Sets – it’s not always possible to replace one item of a set, so this cover will replace the entire set if an item is stolen or damaged
- Legal Cover – cover up to £50,000 including for employment disputes, property disputes, motoring prosecutions or bodily injury claims
- Home Emergency cover – 24-hour assistance to make the home safe, secure and prevent further damage i.e. following a burst water pipe, roof damage or damage to doors and windows following a break in
Rob Angus, head of general insurance at Nationwide, said: “We’re delighted to be launching a new home insurance product, giving members a choice of cover and features that match their needs.
“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.
“We’ve made changes to our new home insurance product to ensure it reflects our values at Nationwide. We’ll continue to offer our services in the way we know members like, by providing choice in the way members interact with us, as well as the great customer service Nationwide is known for.”