Who is Tesco Bank?
Edinburgh-based Tesco Bank is a subsidiary of Tesco. Its insurance policies are backed by another Tesco company, Tesco Underwriting.
The bank was founded as Tesco Personal Finance in 1997 by Tesco and the Royal Bank of Scotland. Tesco bought out RBS’s share in 2008 and was renamed Tesco Bank the following year.
It now offers a range of financial services, including insurance, credit cards, loans and mortgages, as well as travel and savings products.
Around 3,700 people work for Tesco Bank, operating out of its three main sites at Edinburgh, Glasgow and Newcastle.
What does Tesco Bank buildings insurance cover?
It includes a range of added extras to, like:
- Rebuild cover
- Repairs guarantee
- Alternative accomodation cover
- Trace and access cover
- Personal liability cover
Rebuild cover: Tesco Bank gives you unlimited cover to repair or rebuild your home if it has been destroyed or damaged in a way that’s covered by your policy. This includes outbuildings and walls around the edge of your land.
Fixtures and fittings cover: If any of your home’s permanent fixtures are damaged or destroyed, Tesco will cover the cost of repair or replacement. This includes things like built in kitchens, wardrobes, showers and baths.
Repairs guarantee: The insurer will provide a one-year guarantee for any home repairs carried out by its approved builders.
Alternative accommodation cover: If you need to move out of your home until it is made inhabitable, the insurer will pay up to £50,000 towards alternative accommodation. This cover incudes your pets.
Trace and access cover: Tesco Bank will pay up to £5,000 towards the cost of detecting and repairing leaks caused by burst pipes.
Personal liability cover: If someone sues you as a result of damage to their property or personal injury, the insurer will cover your legal costs up to £2,000,000.
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