LV= Home Insurance Review: Buildings and Contents Insurance for You?

LV= Home Insurance Review: Buildings and Contents Insurance for You?

Good for

  • Paying less for basic cover
  • Cover for a longer time (14 days) in storage when moving house
  • Getting new-for-old (except clothes)
  • Getting limited Accidental Damage cover for contents included

Bad for

  • Those wanting storm cover for fences and gates
  • Those who want Home Emergency cover to include underfloor heating

Editor's Rating

4.0/5.0

The guidance on this site is based on our own analysis and is meant to help you identify options and narrow down your choices. We do not advise or tell you which product to buy; undertake your own due diligence before entering into any agreement. Read our full disclosure here.

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In This Review

LV= Home Insurance Review: What You Need to Know

LV= Home Insurance can be an interesting option for those in the market for basic home buildings and contents cover. If you're not adding on any extras, LV= prices seem like a good deal with premiums well below average. But if you'll be adding extras like full Accidental Damage and Personal Possessions, you'll find your all-in premium more in line with other insurers as the cost of extras might be a bit higher with LV=.

To protect the items you carry around with you in your daily life (e.g., jewellery, mobile phones, wallets, handbags and tablets), you can buy Personal Possessions cover (part of Contents Insurance) which helps in the event of accidental loss or damage. Cover can be purchased for items valued between £2,500 and £6,000 in total. Your items will be covered anywhere in Europe and up to 60 days worldwide in any one policy year.

Moving House? For those moving house within the British Isles through professional movers, LV= contents cover will protect against financial loss due to accidental damage or theft during the move, including whilst in temporary storage for up to 14 days—this is longer than average, as most policies cover 3 days or 7 days. However, loss or damage to china, glass and brittle items is not covered unless these were packed by professional packers.

New for old? LV= will replace items on a like-for-like basis with new items of similar spec, except that clothing will be reimbursed with a reduction for wear and tear.

Pairs and Sets? In the event that one piece of a matching set or suite is damaged and unable to be repaired or replaced, LV= home insurance will not cover the full cost of replacing undamaged items in the group. However, in that case LV= will contribute 50% towards the cost of replacing any undamaged items that are part of the same set or suite.

LV= Home Insurance Key Facts

  • One simple plan you can customise: up to £1,000,000 for buildings and from £25,000 to £150,000 for contents
  • Optional Extras include: Full Accidental Damage, Legal Expenses, Pedal Cycle, Personal Possessions outside of the home and Home Emergency Cover
  • Welcome Offer: New Customers can save 25% online (excludes Home Emergency and Legal)

LV= Home Insurance Price Comparison

According to our sample quotes, we found that basic LV= home insurance plans run roughly 30% cheaper than the average cost of a combined buildings and contents policy with around £75,000 of contents cover (and typical buildings cover of at least £1,000,000). LV= seems to charge a higher premium for extras, however, with the cost of Personal Possessions (Away From Home) running around 30% more than average and the additional premium for Full Accidental Damage for Contents coming in at more than double the average market price.

We gathered pricing data from the LV= website to give you a general idea of how LV= home insurance quotes compare to others in the market. For the purposes of this exercise, we quoted for a 30-year-old policyholder living in a mortgaged, 2-bedroom property in London, who had made no claims in the past few years. Insurance quotes can vary significantly from day to day and according to your individual details, so please just use the following data for educational purposes only; your quotes may reflect a large degree of variation. Additionally, insurance policies across different companies can be difficult to compare directly, as they can vary in terms of excess, cover amounts, etc.

chart comparing admiral home insurance premiums costs to market averages
Here's how LV= home insurance prices compare to market average premiums

LV= gives the option to choose a voluntary excess from £100 up to £1,000, including a compulsory £100 excess. A policy with a higher excess will have a lower premium, as you can see in the table above, because you're committing to pay more towards any valid claims. While a lower premium is certainly enticing, before signing up for a policy with a higher excess be sure you'd be equipped to pay the excess in the event of a valid claim.

LV= Home (Buildings and Contents) Insurance Add-On Costs

Here are estimated costs of add-on extras for a mortgaged, owner-occupied, 2-bed property in London when you buy an LV= buildings & contents home insurance policy. It can be useful to have an idea of the approximate cost of these optional features when you're deciding what cover to buy.

Estimated Costs of LV= Home Insurance ExtrasLV= Sample QuoteMarket AverageLV= is Higher by…
Accidental Damage - Contents£68.14£27.73146%
Accidental Damage - Buildings£28.70£29.16-2%
Legal£24.89£23.456%
Home Emergency Cover£49.99£45.729%
Personal Possessions Away From Home (£5k)£55.89£42.3432%
Pedal Cycle (£1,000 value)£43.83£35.2224%
chart showing approximate cost of home insurance add ons for LV= home insurance
How much will you pay for home insurance extras?

LV= Home Cover: Features

LV= home insurance includes limited Accidental Damage, but for full Accidental Damage or other additional features like Personal Possessions (e.g., when they're away from home), Home Emergency, Pedal Cycle and Family Legal you'll need to pay extra. Here is a high level summary of what you get for each type of optional cover. Limits for each section can be found below in the Policies section. For more complete details like full exclusions, please see the policy documents.

LV= Home Insurance FeaturesNotes
Personal Possessions (Away From Home)
  • Details
    • OPTIONAL EXTRA
    • Cover for theft, loss or damage to personal belongings like mobile phones, wallets, handbags and jewellery when you're away from home
    • Items worth less than £1,500 (can buy extra cover for items valued over £1,500 like laptops and jewellery)
    • Covers anywhere in Europe and up to 60 days worldwide per policy year
    • Money and credit card cover limited to £500
Accidental Damage
  • Details
    • Limited Accidental Damage Cover (Contents) is INCLUDED, providing accidental damage cover for radios, TVs, digital cable and satellite receivers, home computers (including laptops), tablets (including iPads), game consoles, video recorders, DVD players, record players and CD players
    • Full Accidental Damage Cover (Contents) is an OPTIONAL extra for accidents like spilled wine on a sofa
    • Full Accidental Damage Cover (Buildings) is an OPTIONAL extra to protect against accidents like putting your foot through the ceiling from the loft or drilling through a pipe
Home Emergency Cover
  • Details
    • OPTIONAL EXTRA
    • Cover to temporarily repair home emergencies related to the boiler breaking down, water pipe bursting, roof tiles blown off in a storm, lost keys, infestation of pests (e.g., wasps or rats), etc.
    • up to £500 for call out, labour, parts and VAT
  • Notable Exclusions
    • Warm air, solar, under floor, oil fired, LPG or propane heating systems
    • Boiler servicing or worn parts
    • Boilers over 15 years old or that haven't been serviced in past 3 years
Family Legal
  • Details
    • OPTIONAL EXTRA
    • Covers personal injury, contract disputes, protection of property, employment and identity theft claims
    • Up to £100,000 of legal expenses
  • Notable Exclusions
    • Cases where there is less than a 51% chance of winning a case and achieving a positive outcome
    • Property damage by or disputes with government or public or local authority
Bicycle Cover (Away From Home)
  • Details
    • OPTIONAL EXTRA
    • Protection against loss of or damage to bicycles and their accessories away from home
    • (Note, pedal cycles are covered at home through Contents cover)
  • Notable Exclusions
    • Bicycles only covered for theft away from home if locked to an immovable object or stored within a locked building

LV= Home Insurance Notable Exclusions

LV= home insurance exclusions include (but are not limited to) storm damage to fences and gates, loss or damage if you've been away for 60 days or more (occasional visits don't count), frost or rot damage, damage by pets, caravans or mobile homes, computer viruses, subsidence (due to coastal or river erosion, escaping water, structural alteration, repair, etc.), etc.

A few exclusions stood out to us as particularly mentionable. You may want to keep them in mind if you go with LV= or as you're comparing different home insurance plans. It's always a good idea to read through the full list of exclusions in the policy documents as we've only mentioned some exclusions here and others may be more relevant to you.

  • 1. Building cover doesn't include loss or damage to fences and gates caused by storm, strong winds or falling trees/branches.
  • 2. Contents cover doesn't include loss or damage during household removals to china, glass and brittle items, unless packed by professional packers.
  • 3. Theft or attempted theft from housing while attending full time education is excluded, unless forcible and violent means are used to gain entry or exit.
  • 4. For policies including Pedal Cycles, theft of unattended bicycles is excluded unless locked in a building or to an immovable object.
  • 5. For policies including Personal Possessions (i.e., away from home cover), theft from a vehicle is only included if the items were hidden from view in a glove or luggage compartment, all windows are closed and the boot and all doors are locked—note, as far as we can tell the policy documents do not specify an inner "theft from vehicle" limit (we frequently see a £1k or £2k limit from many other insurers).
  • 6. Those who leave their homes unoccupied for more than 60 days at a time won't have cover for malicious damage or vandals, theft or attempted theft or leaking water or oil, accidental damage, any home emergencies (even if you have Home Emergency cover), etc.

LV= Buildings & Contents Insurance: What's Covered?

LV= home insurance protects against calamities such as fire, flood, storm, theft, escape of water, subsidence (depending on cause) and other similar causes.

Cover benefitsLV= Home Insurance
Buildings£1,000,000
Accidental damage to underground drains/pipes£1,000 (for clearing a blockage)
Alternative accommodation£25,000
Plants in the garden£1,000 (£250 for any one plant, tree or shrub)
Trace and access£5,000 (£2,500 for a leak outside your home)
Liability to the public£2,000,000
Contentsvariable
Office equipment£5,000
Contents in the garden£1,000
Plants in the garden£1,000 (£250 for any one plant, tree or shrub)
Fatal injury£5,000
Alternative accommodation£25,000
Frozen food£500
Title deeds£750
Tenant’s cover£10,000
Money and credit cards£500
Downloaded information£1,000
Visitor belongings£1,000
Temporary removal£5,000
Contents at university/college£5,000
Liability to the public£2,000,000
Liability to domestic employees£10,000,000
OPTIONAL
Personal Possessions£2,500 to £6,000
Money and credit cards£500
*Single item limit£1,500
Pedal cyclesvariable
Home emergency£500

Other Useful Information

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