“Being able to provide full replacement for fire means one less worry for homeowners in the traumatic event of a fire,” Tower CEO David Hancock said. “Tower can guarantee your home will be fully rebuilt if it’s destroyed by fire, regardless of the cost or the sum you’re insured for.”
Providing a full replacement option should set Tower apart in the fire and general insurance marketplace and give customers another option for covering their houses which is always a good thing. Tower says that they made the move to bring back full replacement in light of comments from their customers who found the sum assured format confusing. “People want to know that if the worst happened they can at least know that they will get their house back the way it was.”
If Tower's move proves successful, and they can maintain affordability, it will be interesting to see if other insurers follow suit. What do you think of Tower's move? Do you find the current home insurance confusing? Would you rather go with a full replacement option?