Financial services provider Teachers Assurance has launched its improved home insurance policy that is rated 5 Star by Defaqto, an independent financial research company.

The new policy offers an annual discount of up to 12% for teachers and members of National Union of Teachers (NUT) and covers school equipment in and away from the home and accidental damage cover without extra cost.

Teachers Assurance customers can also spread annual premiums over 12 monthly direct debits, and pay no interest.

Teachers Assurance head of brand Abby Bowman said, "Our Home Insurance has always been designed with teachers in mind, but recently we conducted vital research that provided us with insight into what is important to them."

"Teachers told us that they wanted reduced excesses and no administration fees, both of which have been factored into our new policy."

Defaqto awards rating of 1 to 5 on products depending on the quality and comprehensiveness of the features it offers.

Defaqto insight analyst for General Insurance Mike Powell said, "5 Star rated products, such as the one offered by Teachers Assurance, are among the best quality propositions on the market."