WALSALL, UNITED KINGDOM--(Marketwire - Jan. 11, 2013) - HomeServe has been awarded one of the first prestigious 5 Star Ratings in its category for its HomeServe Cover 8 product by independent financial research and software company Defaqto.
The rating recognises the market-leading position of HomeServe's Cover 8 products, in particular their high claims limits and all-year cover.
HomeServe Cover 8 offers homeowners cover for problems with their water supply pipe, plumbing and drainage, plumbing maintenance, electrical emergencies and breakdowns, security and roofing, pest contamination, their gas supply pipe and gas central heating. It also includes an optional gas boiler service at an additional cost.
This is the first year that Defaqto has carried out research into the Home Emergency Cover market. It collected information about 306 different products from several companies and held round table discussions with the industry to discuss the findings and agree the criteria needed to assess Home Emergency cover products.
Just 27 products in total - or one in 12 - have been awarded a 5 Star Rating. And no fewer than seven of those come from HomeServe, including those it provides to its water company partners for their customers.
The key criteria for 5 Star products are:
- The 'Initial Exclusion Period' can be no longer than 14 days
- HomeServe Cover 8's is 14 days for new customers, to prevent claims on existing problems and keep premiums low. There is no exclusion period for existing customers as long as they renew within 60 days
- The 'Maximum Claims Limit Per Year' cannot be less than £1,000
- HomeServe Cover 8 allows policy holders to claim up to £4,000 per claim with no limit to the number of claims they make
- The Claims Limit for Central Heating, Boiler Breakdown and Plumbing & Drainage should be £500 or more
- HomeServe Cover 8 offers unlimited claims on central heating and boiler breakdowns, as long as they are not beyond economical repair. It also lets customers claim up to £4,000 on plumbing & drainage problems.
- Cover for 'Boiler Breakdown' should not exclude breakdowns during certain times of the year.
- HomeServe Cover 8 covers consumers all year round
HomeServe Membership's CEO Jonathan King said: "Not all Home Emergency products are created equal. HomeServe Cover 8 offers a comprehensive protection and this Defaqto Star Rating is a recognition of that. It's also testament to our expertise as one of the UK's leading providers of Home Emergency solutions - we do nothing else. That means we have our own trained and vetted tradesmen and specialist claims handlers. Over the last year, we have invested heavily in improving our services further as we look to cement our position as the UK's home emergency experts."
Other factors assessed as part of the Defaqto research include:
|Maximum Claims Per Year
||Tap - Repairs
|Central Heating Cover
||Toilet Unit - Failure
|Central Heating - Part Costs (£)
|Central Heating - Labour Time (Hrs)
||Water Supply Pipe
|Central Heating - Accidental Damage
||Water Supply Pipe - Type
||Water Supply Pipe - Outbuildings
||Electric Supply - Failure
|Boiler Breakdown - Part Costs (£)
||Electric Supply - Accidental Damage
|Boiler Breakdown - Labour Time(Hrs)
||Gas Supply - Failure
|Boiler - Maximum Age
||Gas Supply - Pipe Limit
|Annual Boiler Service
||Home Security Cover
|Plumbing and Drainage Cover
||Accidental Damage-External Windows
|Plumbing & Drainage - Part Costs(£)
||Keys - Loss
|Plumbing & Drainage - Labour Time(Hrs)
||Keys - Theft
|Plumbing - External
|Internal Damage Clause
|Hot Water Pipes
|Cold Water Pipes
||Alt Accommodation - Limit (£)
||Alt Accommodation - Travel Costs
|Water Storage Tank
|Emergency Claims Helpline
||Response Time Guarantee
|Claims Reporting Period
||Excess - Standard (£)