Review: M&S Home Insurance
By Sam Gilbert 
In Summary
Marks & Spencer’s home insurance policy has received high ratings from independent experts, having been awarded a gold standard by Fairer Finance, rated 5 star by Defaqto and ranking 4th in a Which? study of home insurance providers. In order to provide cover to customers on a variety budgets, M&S offers two levels of cover and the option to spread the cost over monthly direct debit at no extra charge.
You can get a home insurance quote at the M&S website.
Background to M&S home insurance
Since opening its first store in 1884, Marks & Spencer has become one of the UK’s most widely recognised high street names. In recent decades it has widened its services beyond retail, opening M&S bank in 1985. Alongside home insurance, the retailer offers cover for cars, pets and travel, plus a number of banking services.
Overview of the cover provided by M&S home policies
M&S Home Insurance offers two policies – Standard and Premium – both of which are underwritten by AXA Insurance UK plc, which is regulated by the Financial Conduct Authority.
As the title suggests, standard cover is Marks & Spencer’s foundation policy, which covers home buildings including outbuildings, fixtures, fittings and contents. Its features include contents cover up to £100,000, valuables cover up to £25,000 (with a single item limit of £10,000), and accidental damage cover for basic items within the home – window glass, audio equipment, televisions and such like - up to £100,000.
Cover for contents temporarily away from the home is also available as an optional extra.
Its premium policy offers even greater protection for your home and contents, such as full accidental damage cover.
How much does home insurance from M&S cost?
There is no set cost for M&S home insurance, as your premium will depend on a number of variable factors, such as the location and size of your home, the value of the contents within it, and how comprehensive you wish your cover to be.
However, as a guideline, M&S’ standard protection is cheaper than its premium policy, due to its limited accidental damage cover and lower policy limits.
To reduce the cost of your quotation, you can raise the excess from the standard £100 for buildings and £100 for contents – although the excess for heave, landslip and subsidence is fixed at £1,000. However, it is important to remember with both the extent of policy cover and the excess levels, that you should prioritise level of cover and affordability in the event of a claim, rather than purely the up-front policy price.
Whichever policy you choose, there are some initiatives put in place by Marks & Spencer to increase affordability. Customers can benefit from 20% discount when you get an M&S home insurance quote online, and you may be eligible for a no claims discount if you have held a home insurance policy for at least one year without making a claim.
To spread the cost of its policy, Marks & Spencer offers its customers the opportunity to pay monthly by direct debit over 11 months of the year, at no extra cost.
New home insurance customers will also receive 1,000 M&S points when taking out a policy, if you are a loyalty scheme member.
You can get a quote for home insurance at the M&S website.
What M&S Home Insurance customers say
According to online rating website Review Centre, M&S customers have awarded its home insurance product 1.8/5 stars. One reviewer warned existing policyholders to check their quote when they come to renew, claiming their premium rose by 25% after a year.
Money.co.uk reviewers rate Marks & Spencer’s home insurance policy 4.4 out of a possible 5 stars. One customer described the product as "very comprehensive insurance cover at a competitive price".
You can also see what M&S home insurance customers have to say through the company’s official website.
What the expert reviews say
In a study of 38 home insurance providers by industry body Which?, M&S home insurance clinched third place, with a 73% overall score. Its contents-only policy was the highest ranked product from all 38 providers, while its buildings cover came third. Its customer satisfaction rating came 9th in the table.
Financial comparison website, Fairer Finance, also rates M&S home insurance highly – ranking it 7th out of 43 featured providers. The website judges each insurance product on four categories – happiness, trust, complaints and transparency – with Marks & Spencer scoring highest for transparency. Overall, Fairer Finances awards home insurance from M&S a gold standard.
Other home insurance reviews
It’s not just M&S home insurance we’re reviewing; this article is part of a series of home insurance reviews, bringing you critical information on each policy. Check out the links below to compare Marks & Spencer’s offering with other home insurance providers.
