Tesco Bank

Tesco Bank, first launched in 1997, is owned by Tesco PLC.

It currently a wide range of financial products including credit cards, current accounts, and personal loans, as well as car, pet, and home insurance.

Who underwrites Tesco home insurance?

Tesco Bank home insurance is underwritten by Tesco Underwriting Ltd. Their optional extras Home Emergency cover is underwritten by Inter Partner Assistance S.A. UK Branch, while their Family Legal Guard is underwritten by AmTrust Europe Limited.

Types of home insurance available with Tesco Bank

To help simplify the home insurance process, Tesco Bank offers just one tier of home insurance. This home insurance is split into three policy types: –

• Buildings insurance
• Contents insurance
• Combined buildings and contents insurance

All Tesco Bank home insurance policies (other than its Contents online insurance) comes with alternative accommodation cover and unlimited buildings insurance as standard.

Policy	Policy Type	Buildings maximum sum insured	Contents maximum sum insured
Tesco Home Insurance	Buildings	Unlimited	N/A
Tesco Home Insurance	Contents	N/A	£75,000*
Tesco Home Insurance	Combined buildings and contents	Unlimited	£75,000*

What does Tesco Bank buildings insurance offer as standard?

Tesco Bank buildings insurance includes unlimited cover for the cost of rebuilding or repairing the structure of your home, permanent fixtures, and outbuildings if they become damaged as the result of storms, flooding, fire, escape of water or subsidence.

The table below shows the breakdown of what is included with Tesco’s buildings insurance policy:

Cover (subject to restrictions/exclusions)	Amount
Rebuilding of your home as a result of fire, storm, flood, theft, escape if water and subsidence	Unlimited
Alternative accommodation and rent for you, your family, and your pets	£50,000
Protection against damage caused by the emergency services when gaining access to your home	£2,000
Theft or loss of keys	Unlimited
Trace and access to the source of a leak for escape of water or oil	£5,000
Repair of sewer pipe	£5,000
Liability as owner of the property	Up to £2 million
Accidental damage to underground drains, pipes, cables and tanks	Unlimited
Plants in the garden	£2,500 (limit for any one tree, shrub, plant or lawn is £250).

What does Tesco Bank contents insurance offer as standard?

Tesco Bank contents insurance includes £75,000 cover as standard, which for an additional premium can be increased to £100,000.

The table below shows the breakdown of what is included with Tesco’s contents insurance policy:

Cover (subject to specific restrictions/exclusions)	Amount
Contents temporarily removed from your home	£10,000
Contents at University/college	£5,000
Visitors’ personal belongings	£1,000
Contents in the open but within the boundaries of the property	£1,500
Alternative accommodation and rent	£15,000
Increase in the total replacement value of contents for religious festivals, weddings, civil partnership ceremonies and births	£7,500
Legally downloaded information	£2,000
Home office equipment	£10,000
Money/Credit cards in the main building of your home	£500
Theft from garages/outbuildings of items other than money and valuables	£5,000
Freezer food	£1,000
Plants in the garden	£2,500 (limit for any one tree, shrub, plant or lawn is £250).
Occupier’s and personal liability	Up to £2 million
Employer’s liability	£10 million
Tenant’s liability	£10,000

Excess and no-claims discount

For their home insurance policies, Tesco applies minimum compulsory excess to claims made on the following: –

• Subsidence, ground heave, or landslip compulsory excess: £1,000 or £2,500 (reduced to £100 if the main building of the home was built within the last 10 years).

No-claims discount

Some home insurance providers will offer an incentive to policyholders whereby if no claim is made for 12 months, a discount on premium will be offered the following year at renewal. This is known as a ‘no claims discount’ and can accumulate for every year a claim isn’t made, typically for up to five years.

Tesco does not explicitly state whether it offers a no claims discount for its home insurance.

Optional extras

In addition to what is included with their comprehensive buildings and contents policies, Tesco also offers a range of optional extras. These can be bolted on to your existing policy to help customise your home insurance to suit your personal needs.

Be aware, however, that an optional extra you choose will increase the cost of your monthly or annual premiums.

Home emergency cover

Provides 24-hour cover for emergency repairs to your home if you experience a sudden and unexpected problem, such as a burst pipe or broken boiler. Also provides cover for home security incidents, such as having the windows to your property smashed or broken.

Family legal guard

This cover provides up to £100,000 for both you and your family to pursue or defend a personal legal dispute. For example, employment disputes, or if you or a member of your family suffers a personal injury following an accident that was not your fault.

Family Legal Guard cover also provides access to a confidential 24-hour legal advice helpline.

Personal possessions cover

Provides additional cover for personal belongings you take outside of your home, such as mobile phone, jewellery or laptop.

Extended accidental damage cover

Provides additional protection for unintentional damage caused to your property. This includes things such as banging a hammer through the wall when putting up a picture or putting your foot through the ceiling when you’re in the loft.

Home protection cover

This optional extra provides cover for damage caused by events such as subsidence, landslips and ground heave.

Defaqto rating

Tesco Bank has been awarded a five star rating by Defaqto for their home insurance policy.

Can I earn Tesco Clubcard points with Tesco home insurance?

Unfortunately, no. However, if you’re an existing Clubcard member you will receive a guaranteed discount when you take out a home insurance policy with Tesco Bank. 

This discount will not apply to Home Emergency Cover and Family Legal Guard.