Nationwide

Before its name change to Nationwide in 1970, the now instantly recognisable building society first appeared in London in 1884 as the Co-Operative Permanent Building Society. Rather than paying rent, the building society offered a chance for the community to group their savings in order to buy their own homes.

Since first appearing in 1884, Nationwide has continued to grow, merging with around 250 other building societies. It now has more than 16 million members in the UK, making it the world’s biggest building society.

Who underwrites Nationwide home insurance?

Nationwide’s buildings, contents, and combined buildings and contents insurance e is underwritten by Royal & Sun Alliance Insurance ltd.

Types of home insurance available with Nationwide

Nationwide offers three types of home insurance: –

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

These types are split across two different policy types; with one level of cover for buildings insurance, and two policy choices for contents insurance: Contents up to £50,000 or Contents over £50,000.

The table below highlights what each of Nationwide’s policies cover.

Policy	Policy Type	Buildings maximum sum insured	Contents maximum sum insured
Nationwide buildings insurance	Buildings	Unlimited	N/A
Nationwide contents up to £50,000	Contents	N/A	£50,000
Nationwide contents over £50,000	Contents	N/A	Unlimited

What does Nationwide buildings insurance cover as standard?

Nationwide buildings insurance includes unlimited cover for the cost of repairing or rebuilding your home if it becomes damaged. This includes damage because of a fire, storm, or flood.

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

Cover (subject to restrictions/exclusions)	Amount
Rebuilding or repairing of your home as a result of fire, storm, flood, or other damage.	Unlimited
Alternative accommodation if your home gets damaged and is unfit to live in. Includes kennel fees.	£50,000
Escape of water	Unlimited
Lost or stolen keys	£750
Trace and access to the source of a leak for escape of water or oil	£5,000
Owner’s liability	Up to £2 million

What does Nationwide contents insurance cover as standard?

Nationwide offers two different kinds of contents insurance: Contents up to £50,000 or Contents over £50,000.

To help decide which is right for you, the table below provides a comparison of both levels of cover:

Cover	Contents up to £50,000	Contents over £50,000
Contents	£50,000	Unlimited
Total valuables in your home*	£15,000	£30,000
Alternative accommodation if damage to your contents makes your home unfit to live in. Also covers storage of contents	£15,000	£30,000
Theft from outbuildings	£2,500	£5,000
Family and student cover for family or dependents studying or staying in hospital anywhere within the British Isles.	Student – £5,000. Dependent relative – £5,000	Student – £10,000. Dependent relative – £5,000
Personal Liability	£2 million	£5 million
Temporary removal of contents from your home to any location within the British Isles	£5,000	£10,000
Household removal for damage to your contents when you move, including damage caused by a professional removal firm.	£50,000	Unlimited
Fridge and freezer food	£750	£1,000
Money in your home	£750	£1,000
Lost or stolen house keys	£750	£1,000
Loss of oil or metered water	£1,000	£1,000

Optional extras

In addition to what is included with their buildings and contents policies, Nationwide also offers a range of optional extras. These can be bolted on to either your buildings, contents, or combined buildings and contents policy to further 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.

Accidental damage cover

Provides cover to the contents of your home should they be damaged accidentally. This includes spilling red wine on a new white carpet, or accidentally knocking over the TV.

Matching items cover

If Nationwide are unable to repair or replace a damaged item from a set, they’ll pay to replace the entire set it belongs to. For example, an armchair that belongs to a three-piece suite.

Garden cover

This cover builds onto the existing £750 garden cover as standard to add a further £5,000 for loss or damage to the contents in your garden. This then includes trees, shrubs, plants, lawns, and tools. Also covers re-landscaping design fees.

Out and about cover

Provides cover for the personal possessions you take outside your home, such as your phone, laptop, and watch, anywhere within the British Isles and for up to 90 days worldwide. Also has additional options to add between £2,500 and £15,000 of cover for everyday items you take outside the home.

Bicycle cover

Provides cover for your bicycles (including electric bicycles, tricycles, unicycles, and cycling accessories) anywhere within the British Isles and for up to 90 days around the world.

Home emergency cover

Nationwide uses a company called CET, who will send out a recommended tradesman to make emergency repairs to your home up to £500. Tradesmen are available 24 hours a day, 365 days a year.

Legal cover

Covers legal expenses up to £50,000 for things such as injuries, employment issues, or boundary disputes. Nationwide’s legal cover is provided by Arc Legal Assistance and is administered by Lyons Davidson.

Excess and no-claims discount

For their home insurance policies, Nationwide has the minimum compulsory excess for claims made on the following: –

• Escape of water compulsory excess: £350 or your chosen excess if that’s more.
• Subsidence, leave, or landslip on your property compulsory excess: £1,000

Voluntary excess

For voluntary excess, Nationwide let you choose your excess, anywhere between £50 and £500, in £50 increments.

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.

Nationwide does not mention whether it offers a no claims bonus on its home insurance, but they do offer discounts in other ways.

Nationwide 25% discount

If you happen to be a member with Nationwide who has a current account, savings account, or mortgage with the building society, you’ll receive a 25% discount on your home insurance.

Defaqto rating

As of 2023, Nationwide was rated five stars by Defaqto for both its buildings and contents home insurance policies.