Personal Home Plan offers basic policy with a range of extras.

Lloyds TSB Insurance has launched its Personal Home Plan, designed specifically for customers who, typically aged over 50, wants to take control of their purchase and not pay for things they don’t need.

According to a statement from Alasdair Lenman, sales director, Lloyds TSB Insurance, the plan was initially triggered by a comment from an 80 year old customer questioning why her policy included bicycle cover when her cycling days were long gone and enables the bank to “offer more tailored premiums and treat customers as individuals”.

Lenman said: “It taps into a market of around 3 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.”

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.

Lenman added: “Every aspect of the Personal Home Plan has been designed and tested by the Lloyds TSB Consumer Council, a discerning panel of savvy over 50s customers who have told us what they love and hate about home insurance.”

The product is launched as new research by Lloyds TSB Insurance shows that 40 per cent of consumers over the age of 50 want a home insurance product specially tailored to their needs while almost two thirds (64 per cent) believe they have spent too much of their lives paying for and subsidising others.