Insurance - Tesco makes rebuild promise

The days of estimating your home's rebuild cost on insurance applications are over - Tesco Home insurance now making a promise to provide up to £350,000 of cover, at no extra cost.

The 'Tesco Home Promise' is a response to recent consumer research which reveals that 81% of people don't know the rebuild value of their home. They are therefore relying on estimates and guess work when filling in their application form.

The home insurance industry currently uses a postal code based system from the Royal Institute of Chartered Surveyors (RICS) to suggest rebuild value and then prices on that basis. The system does not however account for structural and cosmetic improvements made by the owner.

Allan Burns, head of insurance at Tesco makes the point that apart from making home insurance simpler and easier for customers they should also feel safe in the knowledge that if the worst happens they don't have to worry about being adequately insured.

Click here to see details of the tesco insurance policy!