Brokers identify need for more bespoke cover
Zurich is announcing a major re-launch of all its broker home products, as part of an aggressive campaign that will see the insurer competing across a wider cross-section of the domestic household market than ever before.
Zurich has seen a shift in customer attitude towards the value of home insurance brought about not only by the recent flooding, but also from the feedback they’re getting from brokers which suggests there is a need for more bespoke cover across the market.
Richard Coleman, “The devastating impact of the recent flooding seems to have changed many homeowners’ perceptions of home insurance. Whilst home cover has never quite been the commodity purchase that motor has become in some areas, customers are now beginning to think more carefully about what they require to protect their most valuable asset.
A campaign to re-launch its high net worth propositions was announced earlier this year, and now Zurich is re-launching its standard Home Solutions product, Home Solutions Advantage for mid net worth individuals and its Residential Lets product.
With Home Solutions the insurer is targeting first-time buyers and flat owners with smaller properties who would prefer to opt for a lower level of home contents sum-insured limits whilst those with more possessions or in larger properties will automatically benefit from a standard cover increase from £40,000 to £50,000 (which can be increased to £60,000 if required).
Zurich is also addressing the complexities of buying the right protection by simplifying its buildings cover which will move from a sum insured to a bedroom rated product, with automatically increased cover at no extra charge to the customer.
Home Solutions Advantage is specifically designed to serve mid net worth customers and has been revised to offer more flexibility to increase cover limits for personal valuables such as jewellery and watches up to £20,000 (overall limit), £500,000 buildings cover as standard and Worldwide contents cover.
Residential Lets covers buildings and landlords’ business contents with optional cover for legal expenses. By providing a standard buildings cover limit of £500,000 the majority of property owners will not need to go to the trouble of establishing the rebuilding cost of the property.
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