Rating Guide

This rating guide describes the expected rating factors, loadings, and discounts that can be applied to the standard Aventus home insurance product. It should be treated as a guide only as our ratings engine is flexible enough to accommodate almost any rating structure.

Base rate

The product is bedroom-rated, therefore the base rate should be calculated based on at least the following factors:

  • age of property
  • number of bedrooms
  • type of property

See our custom lists sheet for the possible options that these can take.

Typically insurers also specify a property banding, specified by a postcode file, that influences the base rate for a property. The structure might look like the following:

Postcode

Band [A-F]

Flood Risk [YES?NO]

...

...

...

AB12 3DE

A

NO

AB12 3DF

C

YES

AB12 3DG

C

NO

...

...

...

These bands will then relate to an index in the rates that defines the rate multiplier to apply.

Standard loadings and discounts

Loadings and discounts can be applied on any number of factors that are available to the underwriter. By default, we expect loadings/discounts for at least the following factors:

  • Age of the proposer
  • Voluntary excess (see our custom lists sheet for possible options)
  • Number of years no claims discount (for both buildings, and contents)
  • Accidental damage
  • Unspecified valuables within the home
  • Unspecified valuables in the UK, or up to 60 days worldwide

Claims history

We provide claims history information which can be used to provide detailed loadings:

  • Number of claims
  • Value of each claim
  • Age of claim
  • Type of claim (see our custom lists sheet for possible options)
  • Status of the claim (see our custom lists sheet for possible options)

Specified items

We provide specified item information that can be used to provide separate loadings for different types of items and their value:

  • Type of item (see our custom lists sheet for possible options)
  • Value of item (minimum £2,500)
  • Cover required within the home only, or in the UK/worldwide

Pedal cycles

Pedal cycle make and model is collected, along with the value of the cycle. Please provide loadings for cycles, and if necessary a maximum value.

Other ratings

We can accommodate many other rules and discounts that can apply to the final rate. For example:

  • Combined buildings and contents discount (e.g. 10% discount for purchasing together)
  • Minimum premium
  • Maximum discount

Declines

Please specify limits for each risk factor where the risk should be referred or declined. These typically include items such as flood risk, max number of bedrooms, and max value of specified items.

Exclusions

We specify a standard declaration statement that excludes many types of risk, please refer to our standard question set for a list of exclusions. Please let us know if there are additional exclusions you would like to add, or any that you would prefer to remove.

Contact

If you require any further assistance, or would like to submit your product information, please get in touch by email.