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Home Insurance - HSBC freezes insurance premiums - 04/09/2007

HSBC is to freeze home insurance for five years for mortgage customers.

New and existing customers taking HSBC home insurance by September 30th will see premiums pegged at their current level for five years, in a climate when many assume insurance costs could rise as a result of this summer's floods.

Those taking up the offer will also be offered £50 cashback.

Dennis Smith, head of insurance propositions at HSBC, said: "The vast majority of home owners favour the stability of a fixed-rate mortgage, and we believe that consumers would appreciate the stability of home and buildings premiums that are frozen for five years as well.

"This will be particularly appealing to first-home buyers looking to fix their costs as much as possible, and mortgage customers who are concerned about the rising cost of insurance, especially following the recent floods."

The offer covers combined buildings and contents policies with or without accidental damage cover with a premium over £94.50. The price only stands if no claims are made over the five years.

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