UK high street banking giant Halifax has launched its new 'beat and freeze' home insurance product, which aims to beat any competitor's renewal quote and promises to freeze new customers' premiums until 2010.

According to the bank’s research, new customers moving their policy to Halifax will save on average GBP105.

Customers transferring their home insurance to Halifax will have their annual premium frozen for a fixed period of three years. After this period, customers will be free to renew their Halifax home insurance. If a claim is made during the three-year ‘freeze’ period, the annual premium will be reviewed at the policy’s usual annual renewal anniversary.

Existing Halifax customers will be able to apply to ‘freeze’ their annual premium for three years at renewal.

Tom Woolgrove, managing director of Halifax home insurance, said: This is great news for homeowners who are struggling with current rising inflation. On average, we beat renewal quotes by GBP105 for customers who switch to us. We are currently the only insurer who aims to beat any competitor’s renewal quote for buildings and contents insurance, and then promises to freeze that premium for a three-year period.

Furthermore, customers who purchase Halifax home insurance cover online also benefit from an additional 25% discount on their annual premium.