Paymentshield has made changes to its general insurance offering.
The provider has worked with its panel of insurers to review its Home Insurance product and has implemented a range of changes:
- Maximum cover limit on its Buildings Insurance has been increased to £1,000,000
- New clients remortgaging their property will now receive three months free home insurance
- Endorsements have been introduced to improve quotability
- Maximum no claims discount has increased to nine years
- Standard accidental damage cover now includes protection for computer, gaming and audio visual installations.
- Maximum personal possessions cover has been increased
- New build quote validity period has been extended to 120 days
- Eligibility questions are now asked at the start of the quotation process
- More clarity around index linking has been added to Paymentshield’s policy booklet
Amanda Fox (pictured), proposition & insurer relations director at Paymentshield, said: “We’re continually trying to make our products as appealing and simple as possible. Feedback from advisers is crucial, as it helps us to ensure that we meet the needs of clients in an ever-changing market.
“We’ve made some significant as well as more subtle changes, all of which we believe will enhance our offering and, most importantly, benefit advisers and their clients. One of the biggest changes is the increased cover limits on our buildings insurance, which now stands at £500,000 with our standard cover and £1,000,000 on our Home Insurance Plus option. In addition, we’ve introduced an offer for clients new to Paymentshield, who are remortgaging their home, to provide them with three months free home insurance.
In addition, accidental damage to computer, gaming and entertainment equipment is now included as standard under Paymentshield’s contents insurance.
Fox added: “Simplification has also been an important part of Paymentshield’s product development process, which means we’ve made the limits around single articles under our contents insurance much clearer, so there’s a better understanding of when there’s a need to specify and when there’s not. This makes things much easier for the adviser, making it more likely that the customer and their most valuable items are properly protected.
“2016 has been a year of significant change for Paymentshield, and these latest improvements to our products reflect our vision and commitment to listen to and build better relationships with advisers, and create market-leading products that are built around the needs of their clients.”