LV= Home Insurance Review 2020

LV= Home Insurance Review 2020

Solid basic home insurance cover with great ratings but the extras can quickly bring the price up.

Good for

  • Cover for a longer time (14 days) in storage when moving house
  • New-for-old cover
  • Limited Accidental Damage cover included

Bad for

  • Storm cover for fences and gates not included
  • Home Emergency cover doesn't 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

Is LV= home insurance any good? Their customer ratings are very good, quotes are competitive and both their "Home" and "Home Plus" products have earned a 5 star Defaqto rating—but are they right for you? Here's what you should know before you buy a LV= home insurance policy.

FYI, LV= home insurance is also available from comparison sites; that product is called "Select Home Insurance" and may have different terms to the Home and Home Plus products discussed in this review.

LV= Home Insurance Key Facts

  • Choice of two plans: Home and Home Plus
  • Home policies can be customised with up to £1,000,000 for buildings and from £25,000 to £100,000 for contents
  • Home Plus policies have unlimited buildings cover and up 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)

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 items not in a good condition will have 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 contribute towards the full cost of replacing undamaged items in the group, but they won't pay the whole replacement cost. In that case LV= will contribute 50% towards the cost of replacing any undamaged items that are part of the same set or suite.

Optional Extras

To enhance your home insurance cover, you can add Personal Possessions (i.e., cover for belongings away from home), Accidental Damage, Home Emergency, Family Legal and extended Key and Lock cover. The Home Plus policy includes many of these extra coverages: Personal belongings, Bicycle cover away from home and Full accidental damage.

Home Emergency Cover: Emergency assistance to help with emergencies such as heating breakdowns (provided the heating system is less than 15 years old and has been serviced in the past 3 years), internal plumbing, electrical breakdowns, roofing issues (e.g., leaks or tiles blown off in a storm), loss of keys, pest infestation.

Legal expenses cover: Legal fee cover up to £100,000 if you have to go to court for a private legal dispute (e.g., homeowner rights, claiming compensation, employment contract disputes, etc.).

Personal belongings cover away from home: Cover for loss or damage to belongings you take with you when you leave the house, such as jewellery, watches, cameras, mobile phones, tablets and golf clubs. Cover entails the UK and Europe, and up to 60 days worldwide. There is a limit of £2,000 (£5,000 with Home Plus) per item.

Cycle cover away from home: Cover for your bicycle against accidental loss, damage and theft away from home, as long as your bicycle is locked to an immovable object or within a locked building whilst away from home. Includes up to 60 days of worldwide cover. There's a limit of £1,000 per bike.

Full accidental damage cover: Cover for things like DIY accidents, damage caused by children, spills and stains, damage from your pet.

LV= Home Insurance Customer Complaints, Reviews and Ratings

According to Trustpilot, LV= is rated 4.7 out of 5, which is very high for a financial services provider. In fact, 78% of customers reported an "Excellent" experience and just 4% a "Bad" experience.

On Reevo, 99% of customers would buy again from LV= and 91% of customers said enquiries were handled efficiently.

While most reviews are very positive, some customers have issues with LV so we've scoured through the reviews to learn about common complaints. Here's what we found:

"Online portal seems to be down when I need to use it to access my policy etc."

"Without notifying us they cancelled our Home and Contents insurance as we had suddenly been designated as living in a 'flood area'."

"after having storm damage to my roof I contacted them... nearly 3 weeks after the storm damage we are still no further on... told we would not get any money towards the roof repair as it was due to wear and tear."

"LV have a practice of emailing you to confirm that your home buildings insurance policy has been renewed, then if there is a payment problem they just cancel the policy. In my case they had out of date card details. No phone call, no letter just an email to say your policy is cancelled. Which means your home is un-insured."

"We’ve paid extra for the emergency home cover who are an outsourced company who seem to have some issue understanding what their contract with LV entails."

"... I proceeded to buy my policy and the next day my Topcashback account showed my purchase. However it showed cash back due of £7 not the £30 as advertised...."

In terms of how features compare, it can be useful to see how Dafaqto rates a product. LV= home insurance bought from their website or a comparison site is rated with 5 stars out of 5; LV= broker home insurance is rated between 3 stars and 5 stars.

LV= Home Insurance Defaqto Ratings (out of 5 starsBuildingsContents
Home Insurance5 stars5 stars
Home Plus Insurance5 stars5 stars
Select Home Insurance (Comparison Site)5 stars5 stars
Broker Clear Complete5 stars5 stars
Broker Clear Advance3 starsn/a
Broker Clear Essentials3 starsn/a

In terms of formal complaints with the Financial Ombudsman, Liverpool Victoria Insurance Company Limited received 257 new general insurance cases in the second half of 2019, down from 318 new cases in the first half of 2019.

LV= Home Insurance Price Comparison

According to our sample quotes, if you're not adding on any extras, LV= Home policies seem like a good deal with premiums well below average. But if you'll be adding extras like Extended Accidental Damage and Personal Possessions or opting for the Home Plus policy then you may find your quote can rise significantly.

We gathered pricing data from the LV= website for a 30-year-old policyholder living in a mortgaged, 3-bedroom semi in SN11 who hasn't made any home insurance claims in the past 5 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. The excess on these policies is £100.

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

LV= gives the option to choose your excess between £100 up to £1,000. A policy with a higher excess will have a lower premium, 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.

Optional LV= Home Insurance Cover
Legal expenses cover£24.89
Home emergency£49.99
Extended accidental damage cover (buildings)£29.05
Extended accidental damage cover (contents)£14.53
Personal belongings cover away from home (up to £2,500)£19.01
Personal belongings cover away from home (up to £5,000)£31.25
Cycle cover away from home (up to £2k)£17.68

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.

LV= Home Insurance Cover BenefitsHomeHome Plus
Buildings£1 millionUnlimited
Alternative accommodation£50,000£100,000
Trace and access£5,000£10,000
12-month warranty on repairs by recommended repairerIncludedIncluded
Accidental damage for fixtures and fittings (e.g., windows, toilets, baths)IncludedIncluded
Full accidental damage to buildingsOptionalIncluded
Personal belongings away from homeOptionalIncluded
Bicycles away from homeOptionalIncluded
Locks and keys replacementIncludedIncluded
Contents£25k - £100kUp to £150k
Accidental damage for TVs, DVD players, game consoles and computersIncludedIncluded
Full accidental damage for contentsOptionalIncluded
Plants in the garden£1,500£10,000 
Digital download replacement (e.g., music, movie and book collection)£1,000£10,000

FAQs

To cancel an LV home insurance policy you need to call 0800 085 5610 (there's no way to cancel online) and pay a £32 cancellation fee (plus you pay for the time you were insured). If you've made a claim don't expect any kind of refund. They won't charge you if you cancel before the cover start date, however. Lines are open 8am - 8pm Monday to Friday, 9am - 5pm Saturday and bank holidays and 10am - 4pm Sunday.
If you move house or provide incorrect information that needs to be changed on your LV home insurance policy, there's a £15 administration fee.
LV= home insurance policies are underwritten by Liverpool Victoria Insurance Company Ltd (also one of the largest car insurance companies in the UK).
Yes, if you take out an additional home or car insurance policy with LV you'll get a discount.

Other Useful Information

Erin Yurday

Erin Yurday is the CEO, Co-founder and Editor of NimbleFins. Prior to NimbleFins, she worked as an investment professional and as the finance expert in Stanford University's Graduate School of Business case writing team. Read more on LinkedIn.

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