UK high street banking giant Barclays has launched a new, competitive home insurance offering that it claims represents another groundbreaking product for the home insurance industry.

Last year, the bank offered a groundbreaking price guarantee on its home insurance product and, this year, Barclays has gone one step further and is also giving customers a cheaper quote in their second year.

Barclay’s offer last year guaranteed to beat competitors’ renewal quotes or drop the price by up to GBP100 and give customers GBP50 when they switched to Barclays. The deal proved to be so popular that many other home insurance providers soon followed with their own versions of the offer.

Barclays believes that the new renewal guarantee offer for this year will help to secure its position as a leading player in the market.

Mark Till, marketing director for Barclays Insurance, said: In only our second year in the market we have managed to once again shake up the home insurance industry, which is great news for consumers.

After the launch of last year’s price guarantee many of our competitors had to copy the offer to keep up and we fully expect the same to happen following the launch of our renewal guarantee this year.