By: 15 December 2023
Moneyfacts unveils 2024 star ratings

Moneyfacts has released its Annual Star Ratings for 2024. They evaluate home insurance, home emergency cover, and landlord home insurance. The ratings aim to assist consumers in making informed decisions by highlighting standout features and competitive limits.

Moneyfacts granted 102 five-star and 45 four-star ratings for buildings cover. Contents cover received 103 five-star and 38 four-star ratings. The decrease in ratings from the previous year can be put down to a decline in products available in the home insurance market. Over 140 pieces of information were scrutinised per policy.

For home emergency cover, the number of products remained consistent with the previous year. This resulted in 88 five-star and 38 four-star ratings for 2024. The assessment considered over 40 fields of information per product.

Landlord home insurance, evaluated with over 100 fields of information, awarded 26 products five-star and four-star ratings, emphasising their comprehensive coverage for both buildings and contents.

Moneyfacts, with a 35-year history of data analysis, provides a recognisable badge of quality for consumers comparing home insurance products. According to a survey, nine out of 10 people believe that independent and impartial star ratings can influence their decisions regarding financial services products.

Samantha Owens, star ratings and personal finance analytics manager at Moneyfacts, highlighted that the ratings enable consumers to focus on policies tailored to their needs. The efficiency in insuring property and contents is particularly relevant for those seeking cost-effective solutions.

The assessment criteria encompasses various features, including maximum sums insured, excesses, accidental damage cover, legal expenses, emergency helplines, alternative accommodation, and more, tailored to each insurance category.

 

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Emma Cockings
Emma is a content editor for Claims Media.