New Home Insurance Offer Rewards Customer Loyalty, Nationwide Reports

Nationwide Building Society has announced that it will offer a 20% discount immediately, and then in the subsequent year, on combined buildings and contents insurance as a reward for loyalty from its customers. If new customers purchase services online, they will receive an additional 10% discount, the company stated in a recent report.

"We believe in providing our customers with long term good value and our latest home insurance offer is no exception,” said Robin Baily, Nationwide’s insurance director. “As well as a 20% discount on combined buildings and contents cover now, we also commit to providing 20% off next year's premium should these customers wish to renew their policies after a year. By opting for Nationwide's home insurance, customers can be sure that they're not only benefiting from excellent customer care, but also being rewarded for their continued loyalty."

The special home insurance offer will be available until 31 July, 2008. Nationwide further reports that customers who combine their buildings and contents insurance purchases together will receive a 20% discount now, and a 20% discount off their premium next year as well, if they renew both policies together. The Society also offers a further 10% saving to new customers when buying online. The report does stipulate, however, that the 10% online discount is deducted from the revised premium after the 20% discount has been applied. These discounts will be deducted consecutively from a customer’s individual premium.

In the company’s report key features of Nationwide's home insurance were outlined. Highlighted features include no extra charge for customers paying monthly by Direct Debit, covered cost of temporary accommodation if a customer’s home becomes uninhabitable due to insured damage, unlimited buildings cover for eligible properties, up to £1,000 worth of coverage for contents in the garden, coverage for accidental damage to home entertainment equipment, coverage for MP3 players and music downloads, up to £500 worth of coverage for fridge and freezer contents, and a sum of coverage for students' belongings while at university or college.

The report from Nationwide further outlines optional extras for customers “wishing to tailor their home insurance to suit their individual needs.” These might include 24-hour Home Emergency Assistance at £4.50 per month, up to £50,000 Legal Assistance at £1.50 per month, coverage for accidental damage, and coverage for personal possessions.

The company does reiterate that if a customer cancels their buildings or contents insurance within the first or second year of purchasing, Nationwide reserves the right to remove the discount from the remaining period of coverage. They further stipulate that the discounts listed in their report do not apply to optional Home Emergency and Legal Assistance Cover, and that both offers can be withdrawn at any time.

In addition to Nationwide's buildings and contents coverage service, which they offer for purchase separately, the company statement also outlined other offers available through their home insurance products. Some outlined in the recently-published report include a 10% increase in level of sum insured in the 30 days prior to and following weddings, civil partnerships, birthdays and religious festivals, up to £500 cover for money in the home, up to £500 cover for replacement of house keys and locks, credit cards, free 24 hour legal, medical, counselling and tax advice help-lines, up to £500 cover for visitors' belongings, and up to £5,000 cover for home office equipment. Other services and further stipulations for those listed in the report can be found on Nationwide’s website.