Lloyds Bank Home Insurance Review and Quotes
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Discover the methodologyWould you like to protect your home against any damage or an unfortunate event such as a house fire or theft?
Are you wondering if Lloyds Bank is the best home insurance company to protect your house?
You’ve come to the right place.
This ultimate and up-to-date review on Lloyds Bank home insurance gathers all you need to know: consumers reviews, cover details, prices, claim process, contact numbers and much more. Let’s dive right into it.
Is Lloyds Bank the best insurance company for you?
Getting the best home insurance deal is not just about the price. Indeed, focusing on just getting the cheapest deal might be a bad calculation when it comes to getting a good pay-out if your home is damaged as a result of an unfortunate event such as theft, fire or natural disaster.
At Safe, we’ve studied in detail Lloyds Bank's home policy terms and conditions and given our own ratings based on different criteria for combined building and contents insurance policy.
4,3 Safe overall rating for Lloyds Bank
| Safe rating | Our opinion | |
|---|---|---|
| Customer service & satisfaction and claims |
Premier level of cover rated 5 stars | |
| Cover provided for your home |
For standard insurance: up to £100 000 for contents maximum sum insured | |
| Value for money |
40% introductory discount the first year for new home insurance policy | |
| Financial strength | Underwritten by Lloyds Bank General Insurance Limited | |
| Technology |
Livechat available |
Expert and customer satisfaction reviews for Lloyds Bank home insurance
| Review organisation | Lloyds Bank home insurance reviews |
|---|---|
Defaqto expert |  |
| Smartmoneypeople | 2,8/5 based on 60 customers reviews |
| Overall Which? Score | 64% |
Our general opinion on Lloyds Bank home insurance
Lloyds Bank was founded in 1765, and now offers a wide range of financial and insurance products. The company is part of the Lloyds Banking Group (Halifax, Bank of Scotland etc.).
The company offers 2 levels of cover for home insurance: standard, rated 3 stars by Defaqto, and Premier rated 5 stars.
The standard building insurance offers low alternative accommodation cover of £30 000, and only up to £1M owner's liability. Standard contents insurance ranks a bit higher with up to £100 000 maximum sum insured, and up to £20 000 cover for items temporarily removed.
The Premier level of cover includes accidental damage as standard. There are no limits for maximum sum insured for both buildings and contents insurance. You will also get keys cover up to £10 000.
The company is embracing technology offering to customers customer portal, social media help supports, claim or cancel form online. However, customer reviews are below average which means that the claim process could be tedious.
What does Lloyds Bank home insurance cover?
What is more important than protecting your home – the roof under which you sleep with your loved ones?
Applying for home insurance at Lloyds Bank will allow you to protect the structure of your home (buildings insurance), what is inside (contents insurance) or both (combined buildings and contents insurance).
Without home insurance, your home is exposed to any kind of risk, from a minor water leak to a fire, and you are liable for any repairs – whatever the cost this represents.
Home insurance at Lloyds Bank covers you for any damage made as a result of an unfortunate event such as theft, fire and natural disaster causing leaks, flooding, etc.
Lloyds Bank buildings and contents insurance
Lloyds Bank provides three main types of household insurance:
- Buildings insurance
- Contents and personal possessions insurance
- Combined policy
Buildings insurance covers the structural aspects of your home. It will cover any damage made to your walls, floors, ceiling, windows, outbuildings, garages, etc. You can also extend your buildings insurance to permanent fixtures such as bathrooms, etc. Buildings insurance is for homeowners.
Good to know
If you buy your property and get a mortgage for this, you will be asked to provide valid buildings insurance. Buildings insurance is not mandatory, though. However, you must know that an average claim for repairing a burst pipe for example is £25 000.
Contents insurance will cover any damage made to your belongings inside your home or in your garden (TV and other appliances, furniture, etc). In other words, it will cover anything which is not structural.
Good to know
House contents insurance is highly recommended (especially in case you get burgled or if you are renting a furnished flat) but is not mandatory.
In the event of a fire, for instance, buildings insurance will give you compensation for your home structure, your walls, roofing or other structural elements damaged during the fire, and contents insurance will cover any damage made to your household appliances, furniture, jewellery and so on.
You will find below policy details for building and contents insurance:
| Lloyds Bank building insurance | Limits |
|---|---|
| Maximum sum insured | £1 000 000 |
| Owner liability | £1 000 000 |
| Alternative emergency accomodation | £30 000 |
| Period of home's unoccupancy cover | 60 days |
| Repairs guarantee period | 1 year |
| Trace and access | £5 000 |
| Burst pipe | As standard |
| Blockage of sewer pipe | As standard |
| Gradual build-up of groundwater | Not covered |
| Subsidence | As standard |
| Underground services | As standard |
| Keys cover | £250 |
| Flood and storm damage (except for fences) | Optional |
Good to know
Limits mentioned above are part of the total sum you insured with your insurer when applying for home insurance (and not in addition to).
Let’s have a look now at Esure contents insurance limits:
| Contents insurance | Limits |
|---|---|
| Maximum sum insured | £100 000 |
| Owner liability | £1 000 000 |
| Alternative emergency accomodation | £20 000 |
| Period of home's unoccupancy cover | 60 days |
| Damage made by pets | Not covered |
| Contents kept in garden | £1 000 (optional) |
| Contents kept in outbuildings (garage included) | £5 000 (optional) |
| Thefts from outbuildings | £5 000 (optional) |
| Single item limit for valuables | £3 000 |
| Items temporarily removed from home | £20 000 |
| Money in and outside the home | Inside: £500 Outside: £500 (under personal possessions cover - optional extra) |
| Credit cards in and outside the home | Inside: £500 Outside: £500 (under personal possessions cover - optional extra) |
| Business equipment kept at home | £5 000 |
| Student equipment | £10 000 (optional) |
| Keys cover | £250 |
Lloyds Bank home insurance additional cover
On top of your Lloyds Bank buildings and contents insurance, you can find additional cover such as:
| Home insurance additional cover | |
|---|---|
| Accidental damage cover | Optional extra |
| Home emergency |
|
| Boiler cover |
|
| Legal protection |
|
| Personal possessions |
|
| Mobile cover |
|
| Bicycle cover |
|
Lloyds Bank home insurance excess
The deductible you'll have to pay in case of claims are as described below:
| For both building and contents insurance | |
|---|---|
| Excess for standard claims | £100 - £1 000 |
| Excess for escape water claims | £500 |
| Excess for subsidence claims | £1 000 |
| Excess for personal possessions | £100 - £1 000 |
| Excess for keys | £25 |
Lloyds Bank home insurance fees and NCD
To manage your policy, renew, cancel or modify it, Lloyds Bank fees are as follows:
| Fees applied to manage your Lloyds Bankhouse policy | |
|---|---|
| Interests on payment installments | 22,90% |
| To renew my policy | £0 |
| To adjust my policy | £0 |
| To duplicate documents | £0 |
| To cancel my policy during cooling-off period | £0 |
| To cancel my policy outside cooling-off period | £35 |
| For payment default | £0 |
| To switch from one insurer to Lloyds Bank | Not covered |
How much does Lloyds Bank home insurance cost?
You will below indicative quotes for building and contents insurance at Lloyds Bank:
| Building insurance | Contents insurance | |
|---|---|---|
| Excess | £100 - £1 000 | £100 - £1 000 |
| Home cover | Building: £250 000 Contents: £20 000 Personal items: £4 000 | Building: £500 000 Contents: £50 000 Personal items: £8 000 |
| Premium | £176,85 | £347,00 |
It is very difficult to give a precise range of how much exactly will your home insurance cost at Lloyds Bank as it will mainly depend on:
- The insurance you apply for (building, contents, combined insurance, extras)
- Your address
- Your claim record
- The insured value of your home and of your personal belongings, etc.
Lloyds Bank will establish a risk rate, taking into account all these elements, and offer you a price based on it.
The average cost of combined buildings and contents insurance in 2018 was £163, with contents insurance usually counting for a third of the premium (around £60) and building insurance for the rest (around £110). However, premium will be higher if you buy stand-alone building or contents insurance.
Do you want to compare the cheapest home insurance quotes? It couldn’t be easier. Just do a quick home insurance comparison using our comparison tool below. It takes only 15 seconds and is completely neutral and 100% anonymous.
Lloyds Bank home insurance discounts available
- No discounts for buying combined policy
- 40% discount when buying new home insurance policy online
- Additional 10% discount for Club Lloyds customers.
How do I a claim on Lloyds Bank home insurance?
Lloyds bank claims can be reported by phone.
You will be asked to provide your insurance policy number as well as details on claim circumstances such as date and time, pictures or other person involved.
| How to claim on Lloyds Bank home insurance? | |
|---|---|
| Claim by phone | If your policy number begins with: Otherwise: 0345 3000 110 |
Good to know
If you claim is related to a criminal incident (theft, fire etc), you must call the police upfront.
How can I cancel Lloyds Bank house insurance?
To cancel your Lloyds Bank house insurance, here is what you need to know:
| Cancelling your home insurance at Lloyds Bank | |
|---|---|
| Cancellation notice if Lloyds Bank cancel your policy | 14 days |
| Cancellation fees | Fees during cooling-off period: £0 Fees outside cooling-off period: £35 |
| Cancel by mail | Lloyds Bank Insurance Services Ltd, |
| Cancel by email | |
| Cancel online | You can cancel your home policy online by filling a form on the company's website. |
| Cancel by phone | 0345 603 8368. |
How to contact Lloyds Bank home insurance?
| Services | Phone numbers | Opening hours |
|---|---|---|
| Quotes | 0345 605 0521 | Monday to Friday: 8am-8pm |
| Claims, renewals and general enquiries | If your policy number begins with: | Mon - Fri: 8am – 6pm |
| Emergency helpline | 0345 3000 170 | 24/7 |
| Legal Helpline if your policy starts with HDA | 0800 028 0732 | 24/7 |
| All other policies | 0345 3000 180 | 24/7 |
Lloyds Bank home insurance contact details
| Lloyds Bank contact details | |
|---|---|
| Lloyds Bank address | Lloyds Bank Insurance Services Limited, Home Customer |
| Customer service email | |
| Chatbot available | Live chat available anywhere on the web site through the Chat to us button on the bottom right corner. |
How do I log in to Lloyds Bank customer portal?
You can log in to your customer portal on the Lloyd's bank website if you have registered for internet banking.
Creating account allows you to make a claim online, retrieve a quote and manage your account. .
How do I get Lloyds Bank home insurance quotes?
To get a quote online at Lloyds Bank, it couldn’t be simpler.
You can go on our home insurance comparison tool here and compare the main home insurance deals on the market. If Lloyds Bank is the company that best suits your needs, then you just click on the ‘Get quote’ button and follow the whole process explained online.
To get Lloyds Bank home insurance quotes, you will need to provide:
- Your personal information: ID, age, phone number and job
- Your address and postcode
- Your homeowner record (claims included)
- Your home description (type of property, the date it was built, how many square metres inside and outside)
- Your property related status: do you own it, rent it, have a mortgage on it, etc.
- Extras you’d like to get on your home insurance, contents sum insured and the excess you’d like to pay.
The types of questions you will be asked are typically:
- Are you a first-time buyer?
- Has the property ever suffered from subsidence, cracking, subsidence or undergone any underpinning (or showed any signs)?
- Has the property ever been damaged by flood?
- Has anyone living permanently at the property made any home claim(s) for loss or damage in the past X years (usually 3) or had any claim(s) made against them? etc.
5 tips to reduce your Lloyds Bank house insurance quote
- Always shop around on home insurance comparison sites. If you do not auto renew and instead apply for new home insurance, you will easily be able to lower your house insurance cost and benefit from new customer discounts.
- Increase the excess amount you are willing to pay in case you make a claim.
- Choose the level of cover that is right for you. Insure with the right sum for both your buildings and contents insurance. If you do not have high value items, consider an ‘indemnity’ contents insurance rather than a ‘new for old’ one.
- Opt for a policy offering No Claim Bonus to lower your premium if you've gone for a few years without making any claim.
- Consider index-linked cover for building insurance to follow prices of building materials.
