Commenting on the move, Lloyd Wilson, Abbey National’s head of insurance marketing, said: “Most people only think about their home insurance when it is due for renewal, but it is often possible to switch to another insurer mid-policy.”
With Abbey National’s Peace of Mind policy there is no need to list all the contents of the house as everything is included automatically, including newly purchased items. The combined buildings and contents cover is available at an average of £7 per week and can be bought by anyone, not just Abbey National mortgage customers. If customers switch their mortgage to Abbey National, and choose Peace of Mind home insurance (either buildings, contents or both), they will be refunded any cancellation fee charged by an existing insurer, up to £25.
Abbey National offers a range of discounts on its contents insurance: 5% discount for taking out both buildings and contents cover (increasing to 7.5% on renewal); 5% discount for security locks; 7.5% discount for having a professionally installed and maintained alarm; 12.5% discount for those aged 45-55; and 15% discount for those aged 56 or over.
As Wilson said: “Abbey National’s home insurance discounts could add up to 32.5% off a premium and the unlimited sum insured means you don’t have to work out the value of all your belongings so you are less like to be underinsured.”
