- Research finds over half of homeowners (59%) want to tailor their own cover -

- Most people (42%) think it will only take 30 mins to switch insurer -

TSB has launched a new, flexible home insurance, Pick and Protect, that lets homeowners pay for the cover they want, when they want it - helping cut out unnecessary or overlapping cover.

Research from TSB Home Insurance found that, given a choice, well over half (59%) of homeowners said they would like to tailor their cover to suit their own needs, whilst one-in-six (16%) said they wished their insurer would provide cover which is personalised to them.

TSB's Pick and Protect gives homeowners the flexibility to select exactly what they do and don't want to cover. And if customers later change their mind, there's no admin fee for adapting their cover to suit their new needs.

The new product also caters for students and first-time buyers with a dedicated student package and starter contents package, as well as offering global gadget cover and global bike cover as additional add-ons.

Pick and Protect is available online via TSB's website, allowing homeowners the flexibility to choose cover, and receive a quote at a time convenient for them. Research from TSB has found that the majority of people (82%) choose their insurance online, with most people (42%) saying they think it will only take half an hour to change provider. This is despite most people sticking with the same provider for an average of three years and three months, with one-in-12 (8%) of people saying they have stuck with the same insurer for more than 11 years.

Ian Ramsden, Director of TSB Home Insurance, said: 'Pick and Protect home insurance doesn't bundle together lots of cover and ask customers to pay for it, whether they want it or not. It is a new way of doing insurance and one which sits well with TSB's current home insurance offer.

'We know that one size doesn't fit all. If you can count your valuables on two hands, why would you pay for £50,000 worth of cover? Similarly, if you have just bought a brand new bike or laptop, you don't have to worry about getting a brand new insurance policy to go with it. With TSB's Pick and Protect you can increase or reduce your cover as you need with no admin fee. You simply pay for the cover you want.'

Full details of TSB's Pick and Protect can be found at: http://www.tsb.co.uk/insurance/home-insurance/


Notes to editors

Research quoted in the release comes from data collated from 2,000 homeowners across the UK with existing home and contents insurance. The research was carried out by OnePoll on behalf of TSB between 19-21 April, 2016.

In addition to Pick and Protect, TSB also offers Defaqto 5 Star Rated TSB Home Solutions which is available in branch.

TSB was built to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our 4.7 million customers, award winning mobile and digital banking, nationwide network of branches and 8,600 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk .

TSB Banking Group plc published this content on 09 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 May 2016 13:34:04 UTC.

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