Who cares about the new Amazon Insurance Store?

The Amazon Insurance Store is a new and convenient way to purchase home insurance. The store offers a variety of policy options and add-ons to choose from, making it easy to find a policy that fits your needs. Here are some of the key features of the Amazon Insurance Store:

  • Offers a variety of policy options and add-ons to choose from
  • Backed by trusted insurers
  • Delivers the Amazon Standard of Cover
  • A simple and hassle-free way to purchase home insurance

You can purchase buildings insurance, contents insurance, or a combined policy that covers both. You can also add on optional coverages, such as accidental damage cover, bicycle cover, garden cover, home emergency cover, legal cover, and student cover.

Why choose the amazon insurance store?

Amazon is known for something else, too, and that is customer service. In 2021, their satisfaction score was 78 out of 100 ASCI points, which is excellent. They are committed to providing their customers with the best possible experience. This means that when you purchase a policy from the Amazon Insurance Store, you can rest assured knowing that you are getting the best possible coverage and service. All of the home insurers on the Amazon Insurance Store meet the Amazon Standard of Cover and deliver Amazon’s high bar for customer service.

Their policies are backed by trusted insurers and deliver the Amazon Standard of Cover, making the Amazon Insurance Store a great option for those in the market for home insurance.

What does the Amazon Standard of Cover include?

Amazon Insurance Store's Coverage
Data credit: Amazon

The store offers building cover of up to £1,000,000, as well as property owner’s liability of up to £2,000,000. In addition, there is a cover for an alternative accommodation of up to £50,000, trace and access of leaks of up to £5,000, and replacement locks and keys of up to £500. The store also offers contents cover of up to £25,000 for alternative accommodation, 20% of your selected contents cover for valuables within the home (each worth up to £2,000), £5,000 for contents temporarily removed from the home, £5,000 for home office equipment, and £2,500 for theft from outbuildings. In addition, there is a cover for freezer contents of up to £500, and replacement locks and keys of up to £500.

What are the exclusions?

The exclusions are loss or damage caused by wear and tear, loss or damage to fences, gates, and hedges from the storm, flood, or falling trees, items held for business purposes other than home office equipment, damage when your home is occupied by anyone other than you or your family, damage from theft, vandalism or leaking water when your home is unoccupied for over 60 consecutive days.

Why is amazon trying into the insurance industry?

It’s not to deny or dispute; the fact that the insurance industry is not only complex but also time-consuming. confused.com research found that it takes the average person 12 hours and 36 minutes to research and buy an annual home insurance policy. That’s a significant time investment. Even if you use an insurance broker, it can still take a couple of hours.

But that’s where Amazon comes in. The e-commerce giant is known for its convenience and customer service, and these two things that are sorely lacking in the insurance industry. By offering a simple and convenient way to purchase home insurance, Amazon is shaking up the industry and making it easier for people to get the coverage they need.

The US homeowners market is valued at $105.7 billion. And Amazon does not want to miss out on such a big industry, home insurance. To avoid any confusion, no, Amazon is not an insurer. With Amazon Insurance Store, the company is to act as a distributor of home insurance. It has been acting as one for home and other products, for more than 2 decades now. In a nutshell: in the list of Amazon’s home products, they have added one more category: home insurance.