The Santander Home Insurance product incentivises loyal customers, as current account or credit card holders can claim a 30% discount, while others with the bank get 20% off.
The product replaces Santander Peace of Mind Plus and Choices Home Insurance.
Alan Mathewson, head of Santander Insurance, said: “At Santander, we pride ourselves in offering customers a breadth and depth of home insurance cover that protects them when they need it most.
“We also understand that customers want to feel recognised and valued by their bank.”
The product offers either unlimited contents cover or up to £25,000 for a three-bedroom property or less.
The unlimited buildings and unlimited contents cover rates 5-star by Defaqto, while the £25,000 contents cover option rates 3-star.
Belongings lost, stolen or damaged beyond repair are replaced with new ones, while permanent repairs made by supplies are guaranteed for 12 months.
Customers can take out additional optional extras including 24 hour home emergency and legal services cover of up to 50,000.