In direct response to feedback from its brokers and customers, Ageas has undertaken a full review of its Household policies and introduced significant enhancements and extensions across the entire range – from outbuildings theft through to data downloads.
Ageas House Guard Extra, Ageas House Guard Prestige, Countrywide Avenues and Keychoice Crystal household products have been enhanced for a phased rollout commencing from 1 July 2014 for new business, and 1 August 2014 for renewals.
Reflecting the evolving cover requirements needed by householders, key changes from the UK’s sixth largest home insurer1 include the following:
- Buildings sum insured limit increased from £500,000 to £1,000,000
- Downloaded data limit increased from £500 to £1,000
- Theft from a secured outbuilding was £2,500, now £2,500 per outbuilding, £5,000 total limit
- Frozen food limit increased from £1,000 to up to the maximum claim limit for contents
- Visitors/guests contents limit increased from £500 to £1,000
- Jewellery valuation requirement has now changed from 2 years to 5 years
These changes will ensure that, in the event of a claim, customers are comprehensively and appropriately covered, and Ageas has also clarified some of the policy wording to guarantee ease of reference.
Earlier this year, Ageas unveiled its sophisticated new household underwriting model allowing ratings based on individual properties rather than postcodes, ensuring a fairer premium for all customers based on their exact location and the ability for brokers to offer a price that matches the specific risk so they can compete more effectively. Coupled with the latest extensions on cover limits, which in some cases have been doubled, the enhanced policy range will provide brokers with a powerful sales proposition to attract new customers and retain existing household policies, developing their businesses.
Adam Clarke, Underwriting Director at Ageas Insurance Limited said: “These changes really demonstrate how we listen and act on the feedback we actively seek from our brokers and customers so that we can ensure our products reflect the changing dynamics of UK households and their evolving needs. Our broker partners have access to a compelling range of products to suit the individual requirements of their customers, keeping them one step ahead in this price-driven sector of the market.”
For more information about Ageas’s enhanced Household products, as well as its award-winning Household claims service, visit the Household section of the website.
1 Source: based on internal analysis of AM Best review of FSA Returns submitted for 2012