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HSBC home insurance review

Read Which?'s expert review of HSBC's home insurance policies, find out how we rate HSBC's contents and buildings insurance and how it compares to dozens of other home insurance companies.

In this article
Who is HSBC? What does HSBC's home insurance cover? How Which? Rates HSBC's home insurance HSBC’s home insurance policy: is it good or bad? How did customers rate HSBC's home insurance?
Does HSBC offer different levels of cover? How much does HSBC's home insurance cost? What is HSBC's claims number? Who underwrites HSBC's home insurance? Get top money-saving tips from Which?

Who is HSBC?

With over 39 million customers worldwide, HSBC is one of the world's largest banking and financial services organisations. 

In the UK HSBC that offers a wide range of financial products including home insurance, personal loans, mortgages and credit cards.

HSBC is part of the HSBC Group which also owns First Direct and M&S Bank. It's a public company traded on the London Stock Exchange. 

What does HSBC's home insurance cover?

The information below gives an at-glance view of the key things that HSBC's home insurance covers as standard.

Elements marked with a are covered as standard and those marked with a are not covered as standard. However, these can be added to a policy as optional extras for an additional cost.

 

Burst pipes

 

Covers the cost of repairing burst pipes in your property.

 

 24 hour (emergency) helpline

 

Allows you to call a 24-hour helpline for assistance in the case of a home emergency.

 

 Loss and theft of keys

 

Loss and theft of keys will cover the cost of replacing your keys if they are ever lost or stolen.

 

 Garden cover

 

Garden cover protects against damage to items in your garden including plants and garden furniture.

 

 Home emergency

 

Home emergency cover provides assistance of central heating, electrical emergencies, plumbing or draining issues.

 

 Accidental damage

 

Accidental damage protects against sudden and unconventional physical damage to the structure of your property as well as your furniture and belongings.

 

 Legal expenses

 

Legal expenses cover the cost of legal expenses should you need to pursue legal action against another party.

 

 Personal possessions

 

Personal possessions cover protects your portable belongings while you’re outside of your property.

How Which? Rates HSBC's home insurance

To help you find the best home insurance policy, Which? goes the extra mile to sort the best from the worst.

We survey thousands of real home insurance customers to find out how they rate their insurer for customer satisfaction.

We also analyse and rate 60 different elements of contents and buildings insurance to create policy scores, helping you judge the quality of your cover - and how an insurer compares to its peers.

We combine this into an overall score to highlight the insurers that offer great cover and service.

Which? members can log in to see the results of our analysis. If you’re not already a member, you can sign up to a one month trial for Which? Money for just £1 to access this review and enjoy the benefits of a Which? membership.

Home And Mobile Insurance
HSBC review
Overall Which? score
%
Our total score score combines both the Which? Customer Score, ratings from real customers of the provider, and our expert analysis of the provider's policies. The total score is made up of 50% of the Customer Score and 25% each of Buildings and Contents policy scores.
Which? Customer Score
%
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.
Buildings policy score
%
Which?'s rating of the quality this company's buildings insurance policy. We analysed 32 features of its cover to calculate the policy score.
Contents policy score
%
Which?'s rating of the quality this company's contents insurance policy. We analysed 46 features of its cover to calculate the policy score.
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HSBC’s home insurance policy: is it good or bad?

In February 2019, we analysed and rated 60 of the most important elements of standard home insurance policies to come up with the overall policy score.

We assess how important each individual element is when choosing and using a home insurance policy, and weight it accordingly when calculating our total policy score. Each element is given a star rating, out of five.

Overall, a whopping 54 out of the 60 elements policy elements we analysed in HSBC's home insurance earned a 3-star rating or higher.

HSBC scored full 5-star rating for 26 of the features we looked at and 24 elements were given a 3-star rating which indicates an above-average level of cover. 

Best parts of HSBC's home insurance policy

We’ve identified three standout features in HSBC’s home insurance policy:

  • Up to £20,000 of cover for a single item not specified on your policy, which earned 5 out of 5 stars
  • 0% APR on monthly payments, which we gave 5 stars
  • No cancellation fee even if you change your mind after the 14 day cooling off period, which scored 5 stars

Worst parts of HSBC's home insurance policy

We've identified three features in HSBC's home insurance policy which scored poorly:

  • No claims discount protection not offered, which scored 0 stars out of 5
  • Gradual build up of groundwater not covered, which didn't get any stars 
  • Up to £1,500 for personal possessions kept in the car, which we gave 2 stars

In detail: every part of HSBC's home insurance policy rated 

Which? members can log in to see the results of our analysis. If you’re not already a member, you can sign up to a one month trial for Which? Money for just £1 to access this review and enjoy the benefits of a Which? membership.

Table last updated in February 2019. Next updated in February 2020.

Policy elements Details Rating Area covered
Interest charged on payment by installments (APR) Logged out detail Logged out padlock Buildings and contents
Renewal fee (£) Logged out detail Logged out padlock Buildings and contents
Home emergency cover - standard, optional, not covered? Logged out detail Logged out padlock Buildings and contents
Home emergency cover (£) Logged out detail Logged out padlock Buildings and contents
Owner's / Occupier's liability (£) Logged out detail Logged out padlock Buildings and contents
Accidental damage cover - standard, optional, not covered? Logged out detail Logged out padlock Buildings and contents
Subsidence - standard, optional, not covered? Logged out detail Logged out padlock Buildings only
Alternative accommodation (£) Logged out detail Logged out padlock Buildings only
Burst pipes - standard, optional, not covered? Logged out detail Logged out padlock Buildings only
Blockage of sewer pipe - standard, optional, not covered? Logged out detail Logged out padlock Buildings only
Single item limit for valuables - max limit (£) Logged out detail Logged out padlock Contents only
Contents in the open - within home boundary i.e. garden (£) Logged out detail Logged out padlock Contents only
Contents in outbuildings - including garages (£) Logged out detail Logged out padlock Contents only
Theft from outbuildings (£) Logged out detail Logged out padlock Contents only
Personal Possessions - standard, optional, not covered? Logged out detail Logged out padlock Contents only
Personal Possessions limit within a car (£) Logged out detail Logged out padlock Contents only
Bicycles - standard, optional, not covered? Logged out detail Logged out padlock Contents only
Mobile phones (away from home) - standard, optional, not covered? Logged out detail Logged out padlock Contents only
Does mobile phone cover include calls? Logged out detail Logged out padlock Contents only

To see how Halifax's home insurance compares to other policies check out our guide on the best and worst home insurance.

How did customers rate HSBC's home insurance?

As well as looking at how HSBC's home insurance policy stacks up against others, we've also analysed how customers feel about it too.

Which?'s rating for customer satisfaction is based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.

Overall, HSBC home insurance scored 65% for customer satisfaction, placing it 32nd out of the 34 home insurers we looked at.

Customers scored HSBC's 'clarity of policy' among the highest-rated elements, only giving it three stars. HSBC's 'transparency of charges and penalties' was scored the lowest by customers and only received two stars.

The table below shows how HSBC home insurance scored for eight elements of customer satisfaction.

Customer satisfaction element Which? Customer rating
Application process Logged out padlock
Clarity of policy Logged out padlock
Dealing with queries Logged out padlock
Ease of managing your policy online Logged out padlock
Transparency of charges/penalties Logged out padlock
Dealing with complaints Logged out padlock
Experience of making a claim Logged out padlock
Value for money Logged out padlock

Does HSBC offer different levels of cover?

The scores shown in this review relate to HSBC's standard home insurance. It is possible to increase your level of cover by adding optional extras such as home emergency cover, to your policy.  

Choosing to add these features on to your policy will come at an added cost, making your policy more expensive than a standard one.

How much does HSBC's home insurance cost?

Your contents insurance and buildings insurance will be priced based on your own personal circumstances, where you live and the type of property and contents you own.

HSBC doesn't appear on any price comparison sites but allows you to gather quotes on its own website at www.hsbc.co.uk/insurance/products/home/.

Check out our guide for more information on how add-ons, fees and charges affect the price of your home insurance.

What is HSBC's claims number?

If you need to make a claim with HSBC home insurance call 0345 300 5899.

Before calling to make a claim with HSBC, make sure that you have your home insurance policy number, receipts quotes or invoices, an estimate of the size of the affected area and photos of the damaged or lost/stolen property to hand. 

The acid test of any home insurance provider is how it handles your claim. In January 2019, Which? surveyed 1,456 members of the general public about their experiences using a major home insurance provider.

Due to limited sample size, we weren't able to score HSBC on their claim's process but you can find out how other home insurers were rated in our guide on making a home insurance claim.

Who underwrites HSBC's home insurance?

HSBC home insurance is underwritten by Aviva Insurance Limited. 

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