A high street bank has launched a home insurance package allowing customers to tailor cover.
Loyds TSB says its Insurance Personal Home Plan is designed specifically for 50-plus “financially savvy” customers who want to take control and not pay for things they don’t need.
Alasdair Lenman, sales director at Lloyds TSB Insurance said: “The product idea was initially triggered by a comment from an 80-year-old who questioned why her policy included bicycle cover when her cycling days were long gone.
“Personal Home Plan fundamentally changes the way over-50s can buy insurance, enabling us to offer more tailored premiums and treat customers as individuals.
“It taps into a market of around three million discerning and financially savvy insurance shoppers who aren’t content with standard off-the-shelf cover, but instead study their policy in great detail to make sure it exactly suits their needs.”
Abolishing the common “one size fits all” approach to home insurance, the Personal Home Plan includes essential cover for fire, theft, flood and subsidence as standard, but then allows customers to choose any combination of 21 pick-and-mix options to suit their lifestyle.
Options include cover for contents in the garage or shed up to £15,000, “matching items” cover so that if, for example, a sofa is damaged the whole three-piece suite is replaced, and even mobility scooter cover up to £10,000, which includes personal liability cover up to £1 million.
It also features a market-leading 50 per cent no claims discount for homeowners who haven’t claimed for ten years or more, which customers can opt to protect – a feature popular with motor insurance, but rarely found in home insurance policies.
They will also have their premium frozen in the second year if they don’t claim and their circumstances remain the same.
Personal Home Plan customers will have their own dedicated, UK based contact centre, staffed by specially trained experts to help them tailor cover to suit their needs.