Whether you’re a landlord, a letting agent or a tenant, we strive to offer the most comprehensive insurance products we can, whilst always tailoring them to the individual needs of our customers.
We know that our team here at HomeLet works extraordinarily hard to deliver these excellent services and now we have the proof, as HomeLet has been rewarded with a prestigious 5 Star Defaqto rating for its Landlords Insurance+ product.
We’re extremely honoured to have been awarded this amazing rating but, unless you keep up to date with financial services news, you might not know what the Defaqto rating is.
Don’t worry though, as this blog explains what Defaqto is, what its rating system means, and why it’s so important that HomeLet’s product has been given a 5 star rating.
Before we start looking at HomeLet’s Defaqto award, we’ll take a look at what Defaqto is and provide you with some context as to why a 5 star rating from Defaqto actually means anything.
In essence, Defaqto is an independent organisation that has been set up to create research regarding financial products and services, helping all related consumers to make finance-related decisions based on reasonable, evidence-based intelligence.
The keystone to Defaqto is their huge database of UK-based retail financial products and funds, which is regularly updated and is a reliable source of data concerning the entirety of the market. From this database, the Defaqto experts are able to conduct any necessary finance industry-related analysis that they desire, knowing that they can back-up their research with up to date statistics. This is what makes any research done by Defaqto worth listening to, and why you know that it’s going to be trustworthy.
How Defaqto works
So how does Defaqto really work? Their model is actually relatively straightforward when you look at it. It’s split into 4 stages:
1. Collect – Financial data is collected and stored in the database.
2. Analyse – The team examines the data to make it comparable.
3. Create – A variety of products are made to convey the information.
4. Support – The team helps consumers to make meaningful purchasing decisions in the financial sector, based on the data provided.
So now you know what Defaqto is, and how it collects its data and constructs it into meaningful comparisons that help consumers make better financial decisions, it’s time to talk about the awards.
The Defaqto awards
Defaqto don’t only provide information in long-form detail, they also offer it in the form of a simple star rating. The star rating is designed by Defaqto to provide people with a clear, concise picture of how various companies – and the products that they offer – perform in the market, and in relation to each other.
The value of the rating is that it, in essence, allows consumers to see whether a financial product will offer them the services that they require. Crucially, it does so to prevent consumers from evaluating a service purely on price alone, as this can lead to them feeling cheated or ripped-off.
The reason for this is that there are a number of independent factors that go into whether a service is valuable or not (with price being just one). For example, a product or service should have all of the features the customer requires, and indeed, expects. If it doesn’t then, as a customer, you’re likely to feel cheated.
The rating itself ranges from 1 to 5 stars – and the product that is being reviewed is done so in terms of the comprehensibility of its features and the benefits that it offers.
Although, here at HomeLet, we’re obviously interested particularly in the property market, Defaqto does not just rate property or insurance-related products. It also deals in banking, general insurance, life and protections, and pensions and investments.
As you can see, with all of this experience, Defaqto is an organisation that prides itself on its cross-industry knowledge.
Our 5 star rating
So now we finally get to the part where we can talk about HomeLet’s 5 Star Defaqto rating for our Landlords Insurance+ product this year. With cover for free emergency assistance, loss of rent, loss or damage of contents, £5m property owner’s liability and £10m employer’s liability, we’re delighted that what we offer as standard aspects of our products are rated so highly.
What this means, ultimately for HomeLet, is that our services are not only well priced, but they’re also feature-rich. For our customers, this means that you’re guaranteed to get an insurance policy that contains everything you require so whether you’re a landlord, tenant or a letting agent, you’re sure to benefit.