Lloyds TSB launches pick-and-mix home insurance

by Gill Montia

Story link: Lloyds TSB launches pick-and-mix home insurance

Lloyds TSB Insurance has launched a new buildings and contents policy aimed at the customers aged 50+ who is keen to select the exact cover they need, without paying for unwanted extras.

The Personal Home Plan has been launched on the back of new research that shows 40% of homeowners in this age group would welcome an insurance product tailored to their needs.

In addition, 64% of respondents to the Lloyds TSB survey were of the opinion that some of what they have paid for home insurance cover over the years has been subsidising others policyholders.

According to Alasdair Lenman, sales director at Lloyds TSB Insurance, Personal Home plan taps into a market of around three million discerning and financially savvy insurance shoppers who are not content with off-the-shelf cover.

The policy includes cover for fire, theft, flood and subsidence as standard, but then allows customers to pick-and-mix any combination of 21 options.

These include up to £15,000 of cover for contents in a garage or shed, and “matching items” cover that enables a policyholder to claim for an entire three piece suite if only a sofa is damaged.

Customers who remain claim free will benefit from a 50% no claims discount after ten years and unusually for home insurance, the bonus can be protected.