Robin Bailey, insurance director at Nationwide, said customers purchasing the product could save more than £100 when they choose Nationwide’s home insurance as opposed to cover from an alternative provider.

Bailey said: “We have thought long and hard about what customers want and we are delighted to be able to provide a highly competitive and comprehensive home insurance offering. The new product has some really modern features to reflect the changing needs of property owners in the UK. Things like MP3 downloads and garden contents are the type of cover features required by today’s homeowner.”

Nationwide will also provide a 15% discount on any combined buildings and contents insurance purchased together.

Key features include unlimited buildings cover for standard properties, one month money-back guarantee, a 10% discount when purchasing online and cover for music downloads.

“Our new home insurance provides better cover as standard and we are so confident with this that we are offering a one month money-back guarantee if customers are not satisfied,” he added.