Tesco Home Insurance has this week made a promise to provide up to £350,000 of cover, at no extra cost.
The insurance provider's 'Tesco Home Promise' is a direct response to recent consumer research which reveals a staggering 81 per cent of homeowners do not know the rebuild value of their home.
These people are therefore relying on estimates when filling in their insurance application forms.
Currently, the home insurance industry relies on a postal code system from the Royal Institute of Chartered Surveyors (RICS) to ascertain rebuild values, however this system does not account for structural and cosmetic improvements made by the owner.
Allan Burns, head of insurance at Tesco said: "Tesco wants to make home insurance simpler and easier for customers. We also want them to feel safe in the knowledge that if the worst happens they don't have to worry about being adequately insured."
The Tesco Home Promise also says that customers will pay no more for the additional cover they receive as their premium will still be calculated using the RICS system.
Tesco Personal Finance is a joint venture between Tesco Stores and The Royal Bank of Scotland. The financial arm of the company know has 4.9 million customer accounts.Click here for more information on insurance
© Adfero Ltd