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Bank of Scotland
First founded by an Act of the Scottish Parliament in 1695, Bank of Scotland is Scotland’s first, and oldest bank.
They offer a range of financial services and products including car, life, business, and home insurance.
Who underwrites Bank of Scotland home insurance?
Bank of Scotland home insurance is underwritten by Lloyds Bank General Insurance Limited.
Types of home insurance available with Bank of Scotland
Bank of Scotland offers three types of home insurance:
- Buildings insurance
- Contents insurance
- Combined buildings and contents insurance
These insurance types are available across three tiers: Bronze, Silver, and Gold.
The table below highlights what each type of Bank of Scotland’s policies cover.
| Policy | Policy Type | Buildings maximum sum insured | Contents maximum sum insured |
| Bank of Scotland Bronze Home Insurance | Buildings | Full rebuild cost | N/A |
| Bank of Scotland Silver Home Insurance | Buildings | Full rebuild cost | N/A |
| Bank of Scotland Gold Home Insurance | Buildings | Full rebuild cost | N/A |
| Bank of Scotland Bronze Home Insurance | Contents | N/A | £50,000 |
| Bank of Scotland Silver Home Insurance | Contents | N/A | £100,000 |
| Bank of Scotland Gold Home Insurance | Contents | N/A | £250,000 |
What does Bank of Scotland’s buildings insurance offer as standard?
Buildings cover with Bank of Scotland is designed to give you reassurance and peace of mind should the worst happen to your home. Their buildings insurance is available across three different tiers: Bronze, Silver, and Gold. The policy you opt for will depend on your individual needs.
The table below gives a comparison of all three levels of cover:
| Cover | Home Insurance Select Bronze | Home Insurance Select Silver | Home Insurance Select Gold |
| Rebuilding or repairing of your home as a result of fire, storm, flood, subsidence, or other damage. | Full rebuild cost | Full rebuild cost | Full rebuild cost |
| Accidental Damage | N/A | Full rebuild cost | Full rebuild cost |
| Trace and access | £5,000 | £5,000 | £5,000 |
| Blocked drains | £1,000 | £1,000 | £1,000 |
| Plants in the garden | £1,000 | £1,000 | £1,000 |
| If you need somewhere else to stay (if you live at the property) | £100,000 | £100,000 | £100,000 |
| Loss of rent (if you’re a landlord) | £100,000 | N/A | N/A |
| Home owner’s legal responsibility | £2 million | £2 million | £2 million |
| Damage by emergency services | Full rebuild cost except for plants, trees and shrubs where the limit is £1,000 | Full rebuild cost except for plants, trees and shrubs where the limit is £1,000 | Full rebuild cost except for plants, trees and shrubs where the limit is £1,000 |
What does Bank of Scotland’s contents insurance offer as standard?
Contents insurance is designed to cover the items in your home. This includes personal belongings you could take with you if you moved home – such as furniture, clothing, electronics, carpets and curtains.
Like their buildings insurance, Bank of Scotland’s contents policies are available over three cover types.
To help decide which is right for you, the table below provides a comparison of all three levels of cover:
| Cover | Home Insurance Select Bronze | Home Insurance Select Silver | Home Insurance Select Gold |
| Contents | £50,000 | £100,000 | £250,000 |
| Accidental Damage | N/A | £100,000 | £250,000 |
| Damage to frozen food | £500 | £500 | £500 |
| Visitors’ belongings | £500 | £500 | £500 |
| If you need somewhere else to stay | £25,000* | £25,000* | £25,000* |
| Money in your home | £500 | £500 | £500 |
| Documents | £2,500 | £2,500 | £2,500 |
| Contents in outbuildings | £5,000 | £5,000 | £5,000 |
| Contents in the open | £1,000 | £1,000 | £1,000 |
| Trees & plants | £1,000 | £1,000 | £1,000 |
| Metered water | £1,000 | £1,000 | £1,000 |
| Personal legal responsibility | £2 million* | £2 million* | £2 million* |
| Employer’s responsibility for domestic staff | £10 million* | £10 million* | £10 million* |
| Protection for tenants | £10,000* | £10,000* | £10,000* |
| Tenant’s home improvements | £5,000* | £5,000* | £5,000* |
| Damage by emergency services | Contents sum insured except for plants, trees and shrubs where the limit is £1,000 | Contents sum insured except for plants, trees and shrubs where the limit is £1,000 | Contents sum insured except for plants, trees and shrubs where the limit is £1,000 |
The above-mentioned cover limits are considered part of, not in addition to, your overall Contents Cover limit. The exception of these limits is marked with an *.
Optional extras
Accidental damage cover (included with Silver and Gold)
Provides cover against accidental damage to both your home and the belongings in it. So for example, if a golf ball goes through your window or you spill coffee on your new carpet, you’ll be covered for the repair or replacement of these items.
Legal expenses cover (included with Silver and Gold)
Covers up to £50,000 should you need to take legal action for things such as contract, employment and neighbour disputes, as well as personal injury and clinical negligence claims.
Away from home cover
Covers the items you have with you when you leave the house, such as your phone, watch, or bicycle. This also includes cover for students’ contents in university halls of residence or other types of student accommodation.
Home emergency cover
Protects against emergency repairs not normally covered by your home insurance. Includes access to a 24-hour helpline and covers for repairs up to £1,000.
Excess and no-claims discount
Although we take out home insurance with the hope that we’ll never need to use it, there may be times when it is unavoidable, and we need to make a claim.
If you do need to make a claim through your home insurance, you’ll need to pay out a minimum fee, known as an excess. Excess is usually split into compulsory excess and voluntary excess.
Compulsory excess, also known as fixed excess, is determined by your home insurance provider and is the amount you must pay when making a claim.
Voluntary excess, on the other hand, is an amount paid set by you, the policyholder, and is intended to be what you can afford to contribute if you need to make a claim. The amount you choose to pay as voluntary excess will be in addition to the amount you pay for compulsory excess.
Bank of Scotland states that full details about compulsory excess will be printed on your policy schedule, so you’ll need to run a quote with them to find out about their minimums.
Why is it a good idea to pay voluntary excess?
The purpose of voluntary excess is that the more you can contribute towards a claim, the less your premiums will be.
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’ (also known as a no claims bonus) and can accumulate for every year a claim isn’t made, typically for up to five years.
Bank of Scotland does not mention whether it offers a no claims bonus on any of its home insurance policies.
Defaqto rating
Bank of Scotland’s Silver and Gold levels of cover have been awarded five-stars by Defaqto for 2023.